"Selloff" doesn't seem to cover the depths of Wall Street's losses this week, with the Dow's 2,231-point plunge the fourth-worst intraday loss in history. It's the first time ever the blue-chip index has shed more than 1,500 points in back-to-back days. The Nasdaq and S&P 500 are both now officially in bear market territory after two-day declines totaling over 10%, with 95% of the latter in the red today. For the week, all three indexes logged their worst performance since March 2020. The Cboe Volatility Index (VIX) enters the weekend at its highest close since April 2020.
Retaliatory tariffs came in droves today, as countries fight against President Trump's newly minted levies. China hammered back with a steep 34%, brushing aside any investor dreams of negotiations.
Continue reading for more on today's market, including:
- Trade war pressures take a toll on Wall Street.
- Tech ETF fumbles to worst week in 3 years.
- Plus, three struggling chip stocks; the cost of retaliatory tariffs; and the perfect pick for put traders.
5 Things to Know Today
- Another sales extension for TikTok's U.S. branch by Trump means a partnership could be in the cards with AppLovin. (CNBC)
- Businesses are looking to fight against a potential cap to the C-SALT tax break, which is being quickly pushed through Washington via the Republican party. (Bloomberg)
- Three chip stocks suffering a major setback.
- Equipment stocks slammed on retaliatory tariffs.
- Homebuilding giant perfect pick for puts traders.
There are no earnings of note to report today.
Oil, Gold Suffer Steep Weekly Drops
Still reeling from yesterday's Organization of the Petroleum Exporting Countries and its allies (OPEC+) hike, combined with tariff supply stress, oil fell to a three-year low. May-dated West Texas Intermediate (WTI) crude fell $5.30, or nearly 8%, to finish at $61,65 per barrel for the day, and off over 11% for the week.
Gold continued its drop, succumbing to profit taking as recession fears advance. At last glance, June-dated gold shed 2.8%, looking to settle near $3,035.40 an ounce for the day and down 1.9% for the week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
