Wall Street Woes: Tariff Turmoil Shakes Markets
Wall Street fell sharply after President Trump announced tariffs on EU and Apple products, escalating trade tensions. Major indexes dropped, with tech and consumer sectors hit hardest. Fear surged in the markets, while Intuit rose on promising forecasts. The stock market is bracing for further volatility.
U.S. stock markets saw significant declines on Friday following President Donald Trump's announcement of new tariffs on European Union goods and a warning of tariffs on Apple if production does not occur in the U.S.
Major indices such as the Dow, Nasdaq, and S&P 500 recorded notable drops, with tech and consumer segments among the most affected. The CBOE Volatility Index, commonly dubbed the 'fear gauge,' rose sharply as investors reacted to this unexpected policy announcement.
Despite the overall market downturn, Intuit experienced gains after issuing a positive financial forecast. As the week concludes, stocks are poised for a dismal finish, spurred by fears of rising national debt and recent credit rating downgrades.
(With inputs from agencies.)
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