All three major US index funds close down as Apple and Nvidia, two of US’s largest companies, lose combined $470bn

cross-posted from: https://lemmy.ml/post/28091145

US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.

All three major US stock markets closed down in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.

Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown.

  • Nightwingdragon@lemmy.worldEnglish
    26·
    18 hours ago

    This is bad. It’s going to get worse.

    France’s President Macron has called for European Union countries to pull their investments out of the US entirely. If they start doing that, you’re talking about the Great Depression looking like you lost your lunch money on the way to school by comparison.

    And given that Trump’s response to all of this is to double down on attacking allies, I expect a whole lot of countries to be breaking a whole lot of US-based contracts in the near future.

    • CharlesDarwin@lemmy.worldEnglish
      3·
      18 hours ago

      Wait until they actually go into effect…or the retaliatory from other countries goes into effect after that…

  • CharlesDarwin@lemmy.worldEnglish
    8·
    18 hours ago

    Wonder what happens when this actually goes into effect and the new prices start actually rolling in. That’s if donvict doesn’t flip-flop (again).

    This is just speculators looking at the prospect of that…

  • ComfortablyDumb@awful.systems
    6·
    18 hours ago

    What does this actually mean for the world. F**k the US but what would be the impact when the world’s largest consumer goes into a lower consumption mode?

    • slaneesh_is_right@lemmy.orgEnglish
      3·
      14 hours ago

      If america gets a cough, the whole world gets sick. And america is bleeding out of their ass right now. As much as it sucks for the rest of us, it’s nice to see.