Stock market today: Dow falls 250 points, S&P 500, Nasdaq retreat from record as Trump escalates tariff threats
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Stock market today: Dow falls 250 points, S&P 500, Nasdaq retreat from record as Trump escalates tariff threats
The S&P 500 fell 0.3%, while the tech-heavy Nasdaq Composite dipped 0.2%. The Dow Jones Industrial Average (^DJI) declined 0.6%, dropping over 250 points to lead the way down. The White House has since clarified that many of the carveouts currently in place for Canada tariffs would remain, likely exempting a slew of goods from those punitive duties. Other parts of the market remained upbeat, however: AI chip maker Nvidia (NVDA) notched a fresh record.
The S&P 500 (^GSPC) fell 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) dipped 0.2%, both dipping from Thursday’s record highs. The Dow Jones Industrial Average (^DJI) declined 0.6%, dropping over 250 points to lead the way down.
Other parts of the market remained upbeat, however: AI chip maker Nvidia (NVDA) notched a fresh record, while bitcoin (BTC-USD) rose above $118,000 per token to also hover at new highs, continuing a furious crypto rally.
Markets once again mostly took Trump’s tariff threats in stride, without any major negative reaction that typified his tariff salvos earlier this year.
Late Thursday, Trump on Truth Social posted a letter to Canadian Prime Minister Mark Carney, telling him that Canadian goods imported to the US would face a 35% tariff starting in August. The White House has since clarified that many of the carveouts currently in place for Canada tariffs would remain, likely exempting a slew of goods from those punitive duties.
Trump’s renewed tariff threats this week have culminated in nearly two-dozen letters to trading partners dictating the duties their country’s imports will face beginning Aug. 1. In an interview with NBC News, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect. Eyes are on what happens next with the European Union, India, and other large trade partners.
Read more: The latest on Trump’s tariffs
For his part, Trump brushed off concerns about inflation and touted the stock market highs reached on Thursday. Wall Street has rallied over the last few months, though that has come after he decided to pause his most sweeping duties on trade partners announced in April’s “Liberation Day” event.
“I think the tariffs have been very well-received. The stock market hit a new high today,” he said.
But at least one prominent investor had said Thursday that markets need to start taking the tariff threats a bit more seriously.
“Unfortunately, I think there is complacency in the markets,” JPMorgan CEO Jamie Dimon said Thursday.
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