US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
The Hang Seng plunged 777 points, or 3.3%, to close at 22,941 on Friday, falling for a second day after the U.S. slapped 10% tariffs on Chinese imports, adding to the 10% tariffs imposed on Feb. 4 to bring the total to 20%. In response, China vowed to take all "necessary" countermeasures, further escalating tensions between the two countries. The market extended its decline from a three-year high, down 2.3% weekly, as losses hit all sectors. The tech index plunged 5.3% after Nvidia's disappointing earnings, prompting profit-taking in stocks such as Horizon Robotics (-14.0%), Sunny Optical...
Shares in Japan and South Korea closed sharply lower on Friday as US President Donald Trump's volley of tariff measures sparked fresh fears about a global trade war. Japan's Nikkei 225 closed down 2.88 percent at 37,155.50, while in Seoul the Kospi ended 3.39 percent lower at 2,532.78. The Hang Seng in Hong Kong was off 3.47 percent in afternoon trade. Source: AFP
Shares in Hong Kong plunged 309 points or 1.3% to 23,415 on the last trading day of February, marking a second session of losses. Sentiment deteriorated as the US will impose an additional 10% tariff on Chinese imports on March 4 while moving forward with 25% levies on products from Canada and Mexico. The Hang Seng fell further from its highest in over three years, hit earlier in the week, and was on track for its first weekly drop in seven, with all sectors suffering sharp losses. The tech index tumbled over 2.5% as an AI-driven rally lost steam after Nvidia's underwhelming earnings...
The Nikkei 225 Index plunged 2.5% to around 37,300 on Friday, hitting its lowest levels in five months and mirroring losses on Wall Street overnight where Nvidia and other technology stocks were sold off. Investors also grappled with Trump's escalating tariffs and mounting economic concerns in the US. Trump confirmed that tariffs against Mexico and Canada will proceed next week, while China will be slapped with an additional 10% tariff. In Japan, the latest economic reports pointed to softening activity, including retail sales, industrial production and Tokyo inflation figures. Chip and...
The major U.S. averages fell sharply on Thursday, dragged down by a selloff in technology stocks. The S&P 500 fell 1.6%, the Nasdaq 100 dropped 2.7%, and the Dow dropped 192 points. Nvidia slumped 6.1% after its earnings report, weighing on the broader market as investors weighed economic risks. Sentiment weakened further after President Trump confirmed a 25% tariff on European cars and new levies on Mexico and Canada starting March 4. Salesforce fell 2.9% on weak guidance, while Uber dropped 2.3% amid reports that Tesla (-3.1%) is seeking approval to operate a ride-hailing service in...