Wall Street Tumbles Amidst Tariff Uncertainty
Wall Street suffered losses as uncertainty loomed over the legality of President Trump's tariffs. The Dow, S&P 500, and Nasdaq fell as U.S. Treasuries' yields rose and market volatility increased. Tech stocks dragged indexes down, while gold miners gained with record-high bullion prices.
Wall Street's major indexes fell Tuesday as investors grappled with renewed uncertainty over President Trump's tariffs. Following a holiday weekend, a U.S. appeals court ruled most tariffs illegal, but permitted them until October 14, adding to investors' anxiety.
Longer-dated U.S. Treasury yields climbed, putting pressure on equities. The CBOE Market Volatility index hit a four-week high, climbing 3.2 points to 19.3, further unsettling the financial markets. Notably, PepsiCo rose after Elliott Management disclosed a $4 billion stake.
Tech stocks suffered significant losses, with Nvidia, Apple, and Microsoft all declining. In contrast, gold miners saw gains as bullion prices reached record highs, with Harmony Gold and Barrick Mining among the beneficiaries. As fiscal uncertainties and market volatility increased, attention turned to upcoming federal announcements and economic reports.
(With inputs from agencies.)
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