The US stock market plunged for a second consecutive day on April 5, after China retaliated against US reciprocal tariffs with new duties.
This has raised concerns that US President Donald Trump has sparked a global trade war that could lead to a recession, according to CNBC .
Wall Street faces two gloomy days as stock markets plunge - Photo: EFE
The Dow Jones Industrial Average fell 2,231.07 points, or 5.5%, to 38,314.86 on April 5. This was the biggest drop since June 2020, when the COVID-19 pandemic began to explode in the West.
This followed a 1,679-point drop on April 4 and marked the first time the index fell more than 1,500 points for two consecutive days.
The S&P 500 plunged 5.97% to 5,074.08, its biggest drop since March 2020. The benchmark index fell 4.84% on April 4 and is now down more than 17% from its recent high.
According to Reuters, the decline of the S&P 500 alone caused the market capitalization of this index to decrease by 5,000 billion USD in just 2 days.
The Nasdaq Composite Index, which is linked to many technology companies that sell to China and manufacture there, fell 5.8% to 15,587.79.
This followed a nearly 6% drop on Tuesday and Wednesday and left the index 22% below its December 2024 record.
The sell-off was broad, with only 14 members of the S&P 500 posting gains for the day. Major market indexes closed at session lows.
Also according to CNBC, technology stocks fell the most in the April 5 plunge.
Apple shares fell 7%, bringing their weekly loss to 13%. Nvidia shares fell 7% in premarket trading, while Tesla fell 10%.
All three companies have major operations in China and are among those hardest hit by Beijing's retaliatory measures.
Outside of tech, shares of Boeing and Caterpillar - companies that regularly export goods to China - also fell 9% and nearly 6%, respectively.
Source: https://nld.com.vn/sp-500-tiep-tuc-lao-doc-thi-truong-chung-khoan-my-mat-5000-ti-usd-chi-trong-2-ngay-196250405090252796.htm
Comment (0)