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.
Nike is stepping back from China-based production for its U.S. market to dodge tariff-related costs, aiming to shift its sourcing strategy by 2026.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 27th June, covering the latest developments you need to know.
US President Donald Trump said Thursday that Washington signed a trade agreement with China the previous day, though no details of the deal have been made public.
The White House has indicated that President Donald Trump may push back looming tariff deadlines, signalling flexibility in his approach to ongoing trade talks.
Senior Iranian diplomat Abbas Araghchi has denied that Tehran has agreed to resume nuclear negotiations with the United States, pushing back against recent claims by U.S. President Donald Trump.
Chile's Vera C. Rubin Observatory has unveiled its first cosmic images, captured using the world's largest digital camera, paving the way for breakthroughs in understanding the solar system and monitoring asteroid threats to Earth.
At least nine people, including children and their rescuers, died after sudden floodwaters swept through a river in Pakistan’s Swat Valley, turning a family picnic into tragedy.
North Korea plans to attract Russian tourists after opening its long-delayed Wonsan-Kalma coastal resort to domestic travellers in July, amid deepening ties with Moscow.
Denmark’s Arctic chief has dismissed concerns over a U.S. takeover of Greenland but says more must be done to deter any Russian attack on the strategically vital Arctic island.
With the tariff deadline fast approaching, German Chancellor Friedrich Merz is pushing for a swift and straightforward trade agreement between the EU and the U.S., as both sides continue talks to avoid a potential economic standoff.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
The U.S. Embassy in Qatar has advised American citizens to shelter in place amid rising tensions between Israel and Iran, as part of a broader global security alert issued by Washington.
In a televised address on Saturday night, U.S. President Donald J. Trump announced that American forces, in coordination with Israel, had conducted precision strikes on Iran’s Fordow, Natanz, and Isfahan nuclear sites, aiming to dismantle Tehran’s enrichment capabilities.
President Donald Trump announced that U.S. forces struck three Iranian nuclear facilities, including Fordow, Natanz, and Esfahan, marking direct American involvement in the ongoing Israel-Iran conflict.
The European Commission has warned Meta that it may face daily fines starting 27 June if its modified pay-or-consent advertising model fails to meet EU antitrust requirements under the Digital Markets Act.
Nike plans to reduce its reliance on China for U.S.-bound products to offset the financial blow from President Donald Trump’s new tariffs, as the sportswear giant posted better-than-expected fourth-quarter results and a milder revenue forecast.
Nike is stepping back from China-based production for its U.S. market to dodge tariff-related costs, aiming to shift its sourcing strategy by 2026.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
Shell has denied reports that it is in talks to acquire BP in a historic £60 billion deal, despite ongoing market speculation about a potential merger between the two oil giants.
Chile's Vera C. Rubin Observatory has unveiled its first cosmic images, captured using the world's largest digital camera, paving the way for breakthroughs in understanding the solar system and monitoring asteroid threats to Earth.
At least nine people, including children and their rescuers, died after sudden floodwaters swept through a river in Pakistan’s Swat Valley, turning a family picnic into tragedy.
North Korea plans to attract Russian tourists after opening its long-delayed Wonsan-Kalma coastal resort to domestic travellers in July, amid deepening ties with Moscow.
Denmark’s Arctic chief has dismissed concerns over a U.S. takeover of Greenland but says more must be done to deter any Russian attack on the strategically vital Arctic island.
With the tariff deadline fast approaching, German Chancellor Friedrich Merz is pushing for a swift and straightforward trade agreement between the EU and the U.S., as both sides continue talks to avoid a potential economic standoff.
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