Wall Street today: Nasdaq tanks 3.7%, S&P 500 sheds 3%, Dow Jones dips 2.4% amid Trump tariff reversal | Stock Market News

US stock indices opened lower on Thursday after President Donald Trump announced a 90-day pause on hefty tariffs for dozens of countries, but raising levies on China to 125%.

As of 10:10 AM Eastern time, the S&P 500 was down 3%, the Dow Jones Industrial Average was down 2.4%, and the Nasdaq composite was 3.7% lower.

At the opening bell, the Dow Jones Industrial Average fell 611.5 points, or 1.51%, to 39,996.93. The S&P 500 fell 103.7 points, or 1.90%, to 5,353.15, while the Nasdaq Composite dropped 489.5 points, or 2.86%, to 16,635.454.

Trump Tariff Reversal

President Trump said on Wednesday that he would temporarily lower the hefty duties imposed on dozens of countries, but ramped up the tariff on China to 125% from 104% after Beijing’s decision to impose an 84% levy on the US goods.

Meanwhile, China reached out to other nations in an attempt to form a united front against Trump.

While the European Union on Thursday said it will put its trade retaliation measures on hold for 90 days and leave room for a negotiated solution.

In the bond market, the 10-year Treasury yield was at 4.30%.

Bullion

Gold prices continued to rise on Thursday, driven by an escalating trade war between the United States and China.

Spot gold was up 1.3% at $3,122.02 an ounce at 1129 GMT. US gold futures were up 1.9% at $3,137.80.

Spot silver fell 0.6% to $30.85 an ounce, platinum lost 0.4% to $933.55, and palladium was down 1.7% at $915.68.