Stocks surged a remarkable turnaround just after 10am as they surged into the green.
Wall Street’s main indexes moved sharply higher after White House economic adviser Kevin Hassett said in an interview that President Donald Trump was considering a 90-day tariff pause on all countries expect China.
But there
They had earlier collapsed further on a brutal black Monday for markets as President Donald Trump stood firm over his tariffs despite recession fears.
The S&P 500 sank 3.5 percent. If it ends the day there, the index will have fallen 20 percent from its February high — the official threshold for a bear market., a worryingly large drop.
Trading floors across Asia and Europe sank deeper after last week’s selloff, with panic spreading fast. Stocks also sunk when Wall Street opened at 9.30am in New York.
Hong Kong led the collapse, crashing 13.2 percent — its worst drop in nearly 30 years.
The S&P 500, Nasdaq, and Dow — the three main U.S. stock market indices — were down by between 3.8 and 4.5 percent in the first ten minutes of trading.
At one point last night it looked far worse, but futures and stocks are off their lows at 7.30am in New York.
The carnage in Asia on Monday came after Wall Street’s two-day crash last week, as President Donald Trump doubled down on his sweeping new tariffs that have shaken global trade.
‘What’s going to happen to the markets, I can’t tell you,’ Trump said on Sunday night. ‘I don’t want anything to go down. But sometimes you have to take medicine to fix something.’
Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly.
The new tariffs are set to take effect Wednesday, kicking off a wave of economic uncertainty with no clear end in sight.
Then US stocks plunge again… minutes after huge turnaround to deep red again
US stocks are whipsawing Monday morning.
The surge into the green was caused by a suggestion that Donald Trump was considering a 90 day pause on all countries except for China.
Soon after, they plunged again to slip just into the red.
At 10.26am, the Nasdaq was just green, while the S&P 500 ws down .5 per cent and the Dow Jones down 1 percent.
Dow surges, S&P 500 rebounds in stunning reversal from sharp losses.
Dow surges, S&P 500 rebounds in stunning reversal from sharp losses.
US stocks staged a dramatic rebound Monday after a two-day market rout triggered by President Donald Trump’s surprise rollout of high tariffs on major trading partners.
The S&P 500 surged 2.9% after plunging 4.7% and briefly entering bear market territory.
The Dow Jones Industrial Average gained 705 points, or 1.7%, bouncing back from a 1,700-point drop earlier in the day.
The Nasdaq Composite rose 2.6% after dipping as much as 5% at its lows.
US stocks plunge as Wall Street opens on Monday morning
Wall Street was a sea of red when stock markets opened on Monday morning.
The S&P 500 sank 4 percent Monday, capping a brutal three-day slide of 13 percent — its worst stretch since the 2008 financial crisis. If it closes at this level, it will officially enter bear market territory, down 20% from its February peak.
The Dow Jones Industrial Average fell 1,363 points, or 3.5 percent, following its first-ever back-to-back 1,500-point drops on Thursday and Friday.
Meanwhile, the Nasdaq dropped another 4%, deepening its plunge into bear territory. It’s now down 26 percent from its recent high, as investors continue dumping tech stocks to raise cash.
The banker wrote to his shareholders saying that President Trump’s import taxes would ‘slow down growth.’
‘If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time.’
He warned that as the economy destabilizes, Americans will see higher grocery store prices and be more prone to massive job losses.
His warning comes as global markets shudder, losing trillions of dollars on the stock market today.
And now, some Trump supporters are speaking out.
Bill Ackman, an ardent supporter throughout the 2024 Presidential election, asked for a 90-day pause.
Even some Republican Senators, including Rand Paul and Mitch McConnell, both of Kentucky, warn about the policy’s impacts on American consumers and small businesses.
Trump doubles down down on tariffs
President Donald Trump remained defiant Monday as global markets continued plunging after his tariff announcement last week.
Trump has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He’s singled out China as ‘the biggest abuser of them all’ and criticized Beijing for increasing its own tariffs in retaliation.
Speaking to reporters aboard Air Force One, Trump said he didn´t want global markets to fall, but also that he wasn´t concerned about the massive sell-off either, adding, sometimes you have to take medicine to fix something.
Donald Trump ally Bill Ackman has warned that the world is on the brink of an ‘economic nuclear winter’ as he begged the president to hit pause on his reciprocal tariffs.
The President has largely shrugged off the economic downfall.
Ackman, however, saw things differently – warning that Trump’s current trajectory could devastate businesses around the world.
‘The country is 100 percent behind the president on fixing a global system of tariffs that has disadvantaged the country. But business is a confidence game and confidence depends on trust,’ he wrote.
‘By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business and as a market to invest capital.’
He then said Trump ‘has an opportunity to call a 90-day timeout, negotiate and resolve unfair asymmetric tariff deals and induce trillions of dollars of new investment in our country.
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Wall Street in huge turnaround as stocks surge into the green… after S&P 500 had hit worrying milestone
