All three major US index funds close down as Apple and Nvidia, two of US’s largest companies, lose combined $470bn

US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.

All three major US stock markets closed down in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.

Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown.

  • SinningStromgald@lemmy.world
    0·
    2 days ago

    “We are going to start being smart and we’re going to start being very wealthy again,” Trump said.

    What a crock of shit.

    • casmael@lemm.ee
      0·
      2 days ago

      Everything these guys say should be taken as indication of the exact fucking opposite

    • 1024_Kibibytes@lemm.ee
      0·
      2 days ago

      He is correct, at least in the short term, as long as “we” in that sentence refers to him and Elon Musk, and possibly a few other billionaires who were at his inauguration.