US stock market ended lower on Tuesday, reversing a strong initial rally, as hopes for any imminent delays or concessions on tariffs faded away ahead of the April 9 deadline.
The S&P 500 closed below 5,000 points for the first time in almost a year and lost $5.83 trillion in market value, for its steepest four days of losses since the index was created in the 1950s. The S&P 500 also edged nearer to confirmation of a bear market, finishing almost 19% below its record close on February 19.
The Dow Jones Industrial Average declined 320.01 points, or 0.84%, to close at 37,645.59, while the S&P 500 fell 79.48 points, or 1.57%, to end at 4,982.77. Nasdaq Composite closed 335.35 points, or 2.15%, lower at 15,267.91.
On the Nasdaq, 1,002 stocks rose and 3,492 fell as declining issues outnumbered advancers by a 3.49-to-1 ratio. The S&P 500 posted no new 52-week highs and 109 new lows while the Nasdaq Composite recorded 17 new highs and 568 new lows, Reuters reported.
Stocks Movement
Tesla share price declined 4.90%, Nvidia stock price fell 1.37%, Advanced Micro Devices shares plunged 6.49%, while Intel stock plunged 7.36%. Apple share price dropped 4.98%.
Tariffs Threat
White House press secretary Karoline Leavitt said that Trump expects tariffs will go into effect even though she said nearly 70 countries reached out looking to begin negotiations to reduce the impact of US trade policies.
The White House also said that it expects 104% tariffs on China to go into effect on Wednesday. This was after China said earlier it will never accept the “blackmail nature” of Trump’s threat to ratchet up tariffs on Chinese imports to more than 100%.
(With inputs from Reuters)
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