Israel and Syria agree to ceasefire, says U.S. ambassador to Türkiye
The U.S. ambassador to Türkiye says Israel and Syria have reached a ceasefire deal supported by Türkiye, Jordan, and regional actors after cross-bor...
Wall Street’s major indexes tumbled sharply after U.S. President Donald Trump’s sweeping tariffs on key trade partners triggered fears of a trade war and global recession. Investors reacted with panic, sending markets into a steep decline.
Wall Street’s major stock indexes suffered heavy losses after U.S. President Donald Trump imposed new tariffs, sparking fears of a trade war and a potential global economic downturn. The Dow Jones Industrial Average dropped by over 1,100 points, or 2.66%, while the S&P 500 and Nasdaq also saw sharp declines of 3.32% and 4.5%, respectively.
Technology stocks were among the hardest hit, with Apple falling by 8% after China imposed tariffs on U.S. goods, affecting its production. Microsoft and Nvidia also took a hit, losing 3% and 5.6%, respectively. Retailers such as Nike and Ralph Lauren saw double-digit drops after tariffs were imposed on major production hubs in China and Vietnam.
Global markets mirrored the U.S. sell-off, with stocks around the world slumping. Investors turned to safe-haven assets like gold, causing its price to soar. The CBOE Volatility Index (VIX), also known as Wall Street’s "fear gauge," spiked to a three-week high, reflecting mounting concerns among investors.
These tariffs mark a significant shift in U.S. trade policy and have disrupted the business-friendly environment that previously boosted stock prices. As a result, the S&P 500 and Nasdaq are now in correction territory, having fallen 10% from their recent highs.
In response to the growing turmoil, traders now expect the U.S. Federal Reserve to cut interest rates multiple times by the end of the year. The release of payroll data and a speech from Federal Reserve Chair Jerome Powell will likely provide further insights into the economy’s ability to withstand these trade tensions.
Despite market fears, the labor market showed some stability. The number of Americans filing for unemployment benefits fell, suggesting economic fundamentals are holding up, at least for now. However, with tariffs set to disrupt businesses across industries, the broader economic outlook remains uncertain.
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China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Two Harry Potter actresses, Emma Watson and Zoe Wanamaker, have each received a six-month driving ban after separate speeding offences, both sentenced on the same day at a Buckinghamshire court.
U.S. markets closed mostly flat Friday, capping a third winning week out of four.
U.S. President Donald Trump signed the GENIUS Act into law on Friday, creating the first U.S. regulatory framework for dollar-backed stablecoins and marking a major win for the crypto industry.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
As some top global banks scale back climate efforts, India is moving forward with mandatory rules for lenders to report and manage climate-related financial risks.
The Indian rupee is expected to open stronger on Friday, supported by gains in other Asian currencies and a temporary pause in the U.S. dollar index’s upward trend.
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