New Tariffs Rattle Wall Street Amid Economic Concerns
Wall Street experienced a sharp decline on Friday due to new U.S. tariffs impacting numerous trading partners. Coupled with Amazon's below-par earnings and a weak payrolls report, market sentiment leaned towards risk aversion. Major indices, including the Dow Jones, S&P 500, and Nasdaq, all faced significant drops.
In a tumultuous start to the trading day, Wall Street opened significantly lower as market participants reacted to the imposition of new U.S. tariffs on several trading partners. The move has injected fresh uncertainty into the market, compounding existing economic concerns.
Adding to the negative sentiment was Amazon's disappointing earnings release, which failed to meet analysts' expectations and stirred fears over the tech sector's performance. Consequently, investors exhibited heightened risk aversion, causing notable declines in major stock indices.
At the opening bell, the Dow Jones Industrial Average plummeted by 349.2 points to 43781.77, while the S&P 500 dropped 52.1 points to 6287.28. The Nasdaq Composite was hit hardest, falling 291.8 points to 20830.643, as investors grappled with the latest economic developments.
(With inputs from agencies.)
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