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Wall Street Tumbles 10% After Trump Escalates His Trade War
The US stock market has taken a sharp hit following Donald Trump’s escalation of the ongoing trade dispute with China, as investors grow increasingly anxious about the potential implications on the global economy.
Palantir Technologies, an AI platform provider, sank 4.8%, while Super Micro Computer, which makes servers, lost 8%. Meanwhile, Nvidia, a major player in the AI and gaming industries, swung between gains and losses before finishing nearly unchanged, weighed down by concerns about the impact of trade tensions on its key sectors.
Other areas of the market that had been riding high earlier have also seen their fortunes drastically change course. Tesla, once considered a bright spot in an otherwise dismal market, fell 3% following a rare back-to-back gain. The electric vehicle giant is now down more than 40% for the year so far. American Eagle Outfitters, a retailer that had been gaining traction with its Gen Z-friendly approach, dropped 4.1% after reporting weaker-than-expected sales and forecasting a decline in revenue for the coming year.
On a brighter note, Intel surged 14.6% after naming former board member and semiconductor industry veteran Lip-Bu Tan as its new CEO. Tan will take over the reins at Intel next week, following the sudden retirement of previous CEO Pat Gelsinger amid a deepening downturn at the once-dominant chipmaker.
Despite the significant losses across various sectors, experts warn that few are predicting a recession anytime soon, given the strength of the job market and other factors. However, recent reports have highlighted concerns about consumer confidence and corporate optimism, which could potentially worsen if trade tensions escalate further.
In global markets, the situation was more subdued, with indexes in Europe and Asia experiencing modest declines rather than anything too dramatic.
