US stocks: Citigroup tanks 7.4%, JPMorgan Chase down 4.8%, auto shares dip over 3% | Stock Market News

Wall Street stocks slumped on Tuesday as worries of a global trade war deepened.

Investors grew increasingly nervous about how US trade tariffs will erode economic growth.

At 11:47 a.m. ET, the Dow Jones Industrial Average fell 698.44 points, or 1.62%, to 42,492.80, the S&P 500 lost 88.03 points, or 1.50%, to 5,761.69 and the Nasdaq Composite lost 210.73 points, or 1.15%, to 18,139.46.

At 09:38 am ET, the Dow Jones Industrial Average fell 394.50 points, or 0.91%, to 42,796.74, the S&P 500 lost 40.78 points, or 0.70%, to 5,808.94 and the Nasdaq Composite lost 86.90 points, or 0.47%, to 18,263.29.

US President Donald Trump imposed new tariffs on Monday.

The new 25% tariffs on imports from Mexico and Canada took effect at 0501 GMT.

Trump also doubled duties on Chinese goods to 20%.

China retaliated with additional 10%-15% tariffs on certain US imports from March 10 and a series of new export restrictions for designated US companies.

Gainers and losers

Big banks such as Citigroup and JPMorgan Chase tanked 7.4% and 4.8%, respectively.

Ford and General Motors shed 3% and 3.6%, respectively.

Among the megacaps, Nvidia rose 1.58%, Meta Platforms fell 3.32%, and Tesla dropped 5.8%.

Target shares lost 5.8% after the retailer forecast full year comparable sales below estimates.

Best Buy shares fell 15.3% after the electronics retailer issued a downbeat forecast.

Bullion

Gold prices rose on Tuesday, driven by a weaker US dollar and heightened safe-haven demand.

Spot gold was up 0.9% at $2,918.90 an ounce as of 09:12 am ET (1154 GMT). US gold futures were up 1% at $2,929.20.

Spot silver added 0.7% to $31.89 an ounce.

Crude oil

The main international oil contract, Brent crude, fell to below $70 on Tuesday, a day after OPEC confirmed plans to hike output from April, amid pressure from Trump to lower prices.

Brent crude slumped 2.4% in afternoon trading to $69.94, its lowest level since September. The main US contract, West Texas Intermediate, fell almost 2% to $69.04.