Wall Street Falls Amid Concerns Over Trump’s Tariff Plans

The White House announced that President Donald Trump will hold a press conference Wednesday afternoon regarding tariffs on imported automobiles.

Wall Street’s three major indices closed with losses as investors exercised caution ahead of the tariff announcement.

• The Dow Jones Industrial Average, which tracks 30 major companies, declined 0.31% to 42,454.79 points.

• The S&P 500, representing the most valuable companies, dropped 1.12% to 5,712.20 points.

• The Nasdaq Composite, heavy on tech stocks, fell 2.04% to 17,899.02 points.

Trump previously suggested that the new tariffs could reach 25%, impacting automakers in Mexico, Canada, Germany, Japan, and South Korea.

Auto Sector Hit Hard

The announcement triggered a sell-off in automotive stocks:

• Tesla (-5.58%) led the declines.

• Stellantis (-3.55%) and General Motors (-3.12%) also saw notable losses.

• Ford (+0.10%) managed to close slightly higher after recovering from steep intraday losses.

Tech and Communications Sectors Lead Declines

Losses were widespread across sectors, with technology (-2.46%) and communications (-2.04%) taking the biggest hits.

• Nvidia (-5.74%) and Alphabet (Google) (-3.2%) were among the worst performers.

• In the Dow Jones, Salesforce (-2.64%) and Amazon (-2.25%) followed Nvidia lower.

GameStop Surges on Bitcoin Announcement

GameStop soared 11.2% after announcing it would add Bitcoin to its treasury reserves. The company also reported strong quarterly earnings.

The retailer’s board unanimously approved the decision to allocate a portion of its cash, future debt, or equity issuance to Bitcoin, though it has yet to disclose an investment cap.

Biggest Gainers and Losers

Top Gainers:

• Worthington (+23.8%)

• ENN Energy (+12.3%)

• GameStop (+11.2%)

• BRP (+7.3%)

• Cintas (+6.2%)

Biggest Decliners:

• Root (-12.2%)

• Core Scientific (-11.9%)

• Pony AI (-11.1%)

• Vertiv (-11.1%)

• Aurora Innovation (-11%)

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.

6 days ago

Add an article to your Reading List

Register now to be able to add articles to your reading list.

” aria-hidden=”true”> Save