Wall Street Slips on Trump Tariff Concerns, Ends Week in the Red
Investors grew increasingly worried that U.S. President Donald Trump’s tariff strategy could push the economy into a recession.
All three major Wall Street indexes closed lower for both the session and the week. The Dow Jones Industrial Average, which tracks 30 corporate giants, dropped 1.69% to 41,583.90 points. The S&P 500, representing the market’s most valuable companies, fell 1.97% to 5,580.94 points, while the Nasdaq Composite lost 2.70% to 17,322.99.
The U.S. stock market started the week on a positive note amid reports of tariff exemptions ahead of their April 2 implementation. However, concerns over a potential recession and auto tariffs reversed market sentiment.
Auto Stocks Hit Hard
Automakers have been under pressure since the announcement of tariffs on vehicles, and their stocks were among the worst performers today.
Stellantis fell 4%.
General Motors dropped 1%, following a 7% decline yesterday.
Ford also lost 4%.
Inflation Data in Focus
The market also digested the latest reading of the Federal Reserve’s preferred inflation gauge. The Personal Consumption Expenditures (PCE) Price Index showed inflation remained steady at 2.5% year-over-year in February, in line with analysts’ expectations.
Sector Performance
Among market sectors, utilities (-0.76%) was the only group to finish in positive territory. The biggest losses came from:
Communication services (-3.8%)
Consumer discretionary (-3.27%)
Within the Dow Jones, Amazon.com (-4.29%) and Nike (-3.81%) led the declines.
Weekly Market Performance
For the week, all three major indexes posted significant losses:
Nasdaq: -2.59%
S&P 500: -1.55%
Dow Jones: -0.96%
Both the S&P 500 and Nasdaq are on track for quarterly declines, signaling growing uncertainty in the market.
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