Stocks tumble and dollar weakens as recession fears grip Wall Street
CNN
Stock markets on Thursday were severely rattled by President Donald Trump’s historic tariff announcement, which threatened to plunge the US and global economies into a recession.
Stock markets on Thursday were severely rattled by President Donald Trump’s historic tariff announcement, which threatens to plunge the US and global economies into a recession. Dow futures tumbled 1,300 points, or 3.1%. The broader S&P 500 index was set to open 3.8% lower and was on pace for its worst day since the 2022 inflation crisis. The tech-heavy Nasdaq was set to sink 4.6% at the open. Global markets also fell sharply Thursday. The significant declines come after Trump’s massive tariffs imposed on practically all goods coming into the United States sparked fears that the new policy could trigger significant backlash from trading partners and take down the global economy. That’s part of the reason the US dollar fell to its weakest level since October on Thursday. Tariffs in theory should boost the dollar, but investors’ concerns that the United States is creating a self-inflicted wound that would stymie its long-term growth sent the dollar sinking against other global currencies. Similarly, investors poured money into safe-haven assets. Gold surged to a new record Wednesday above $3,160 a troy ounce, and Treasury bond yields fell sharply. The yield on the 10-year Treasury note fell to its lowest level since October. Bonds and prices trade in opposite directions. Gold, which hovered above $3,060 a troy ounce Thursday morning, is up 19% this year and just posted its best quarter since 1986. If Trump maintains the massive tariffs he announced Wednesday, his unprecedented trade policies will probably cause the US and global economies to both fall into a recession in 2025, JPMorgan analysts said in a note to investors.
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