Wall Street Closes Lower Amid Concerns Over Protectionism
Auto stocks tumbled on new tariff threats, while Nvidia extended its sharp decline as investors assessed the impact of U.S. tech restrictions.
All three major Wall Street indexes closed lower Thursday as investors reacted cautiously to President Donald Trump’s tariff announcement and threats against Canada and the EU.
Dow Jones fell 0.37% to 42,299.70
S&P 500 dropped 0.33% to 5,693.31
Nasdaq Composite declined 0.53% to 17,804.03
Auto Stocks Hit Hard
Trump announced a 25% tariff on foreign-made cars, effective April 2, and warned of retaliation against Canada and the EU if they coordinated a response.
General Motors (-7.36%), Ford (-3.88%), and Stellantis (-1.25%) fell.
Tesla (+0.29%), which assembles vehicles in the U.S., managed a small gain.
Tech Pressures Weigh on Markets
Nvidia (-2.05%) extended its 5.7% drop from yesterday as markets digested new U.S. restrictions on Chinese tech purchases, adding 50 Chinese firms to the review list.
Economic Outlook and Market Uncertainty
The U.S. economy grew 2.4% annually in Q4, slightly above the previous 2.3% estimate, but slower than 3.1% in Q3.
Despite the growth, Trump’s policies continue to weigh on sentiment, with the S&P 500 and Nasdaq on track for their first negative quarter since 2023.
Meanwhile, gold hit a record high of $3,059 per troy ounce, as investors sought safe-haven assets amid economic uncertainty and Trump’s escalating trade threats.
Crude prices posted modest gains Thursday as markets weighed geopolitical and trade tensions.
Brent crude (May delivery) rose 0.33% to $74.03 per barrel.
WTI crude (May delivery) gained 0.39% to $69.92 per barrel.
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