The S&P 500 closed below 5,000 for the first time in nearly a year after a strong start to the session on Tuesday, amid growing concerns about a global trade war as the Trump administration prepares to raise tariffs on China at midnight. At 4:00 p.m. ET (21:00 GMT), the Dow Jones Industrial Average was down 320 points, or 0.8%, the S&P 500 was down 2% to close at 4,987.76 and the Nasdaq Composite was down 2.2%. The S&P 500, which rose about 4.1% at its high on the day, closed below 5,000 for the first time since April 19, 2024. Global trade war fears mount as tariffs on China...
Asia-Pacific markets fell on Wednesday as investors brace themselves for U.S. President Donald Trump's country-specific tariffs that are set to come into effect midnight stateside. Australia's S&P/ASX 200 slid 1.06%. Japan's Nikkei 225 lost 3.14%, while the Topix traded 3.26% lower. South Korea's Kospi edged 0.18% lower while the small-cap Kosdaq lost 0.44%. Hong Kong's Hang Seng Index fell 3.86%, while the Hang Seng Tech Index declined 5.42%.Additional tariffs will take effect just after U.S. midnight, adding to the 10% baseline duty that was already implemented on Saturday. Chinese...
The Nikkei 225 Index plunged 3.6% toward 31,800 while the broader Topix Index tumbled 2.9% to 2,362 on Wednesday, giving back gains from the previous session and tracking losses on Wall Street overnight as US President Donald Trump's new tariffs are set to come into effect later today. That would include a 24% tariff on Japanese goods and a 25% levy on car imports to the US. Meanwhile, Trump said that Japan is sending a team to negotiate on trade with the US, while Prime Minister Shigeru Ishiba revealed that he told Trump in a phone call to rethink his tariff policies. Financial and...