S&P 500 logs worst day since 2020 as Trump's tariffs send U.S. stocks plunging
Stocks closed sharply lower on Thursday as President...
Stocks closed sharply lower on Thursday as President Donald Trump's latest tariffs rocked Wall Street, with the S&P 500 posting its worst daily drop since mid-2020, according to Dow Jones Market Data.
Bond yields sank as investors flocked to haven government debt, fueled by growing worries that the U.S. economy could falter amid the uncertain backdrop for global trade.
According to FactSet data, the Dow Jones Industrial Average shed 1,679.39 points, or 4%, to end at 40,545.93.
According to Dow Jones Market Data, the S&P 500 skidded 274.45 points, or 4.8%, to 5,396.52, logging its biggest daily drop since June 11, 2020.
The Nasdaq Composite Index shed 1,050.44 points, or 6%, to 16,550.61, its biggest daily drop since March 16, 2020.
From Twitter: Oil Prices Crash 7% on Trump Tariffs, OPEC Ramp-Up
Oil prices dropped 6% on Thursday after...
Oil prices dropped 6% on Thursday after OPEC+ accelerated its plan to increase oil output in May, compounding losses from US President Trump’s new tariffs, with Brent futures falling by $4.51 to $70.44. In today’s OPEC+ ministers’ meeting, countries decided to raise output by… pic.twitter.com/TRRrNnknEZ
Roughly 60 S&P 500 stocks are down 10% or more — that's 12% of the index
Another ominous factoid has arrived courtesy of Farzin...
Another ominous factoid has arrived courtesy of Farzin Azarm, a managing director at Mizuho Americas.
Azarm pointed out in an email shared with MarketWatch that roughly 60 stocks in the S&P 500 were down 10% or more on Thursday. That's 12% of the entire index.
S&P 500 Plunges Over 3% as Markets Reel From Shock of Trump’s Tariffs
Wall Street opened sharply lower on Thursday, following...
Wall Street opened sharply lower on Thursday, following a slump in global markets, after President Trump announced a major round of tariffs on U.S. imports. The world’s biggest economies reacted swiftly to the new levies, which significantly escalated trade tensions with the United States, and some countries warned of retaliation.
For weeks, Mr. Trump said he would impose “reciprocal tariffs” on allies and adversaries. Still, the tariffs announced on Wednesday were far higher than experts had expected, likely driving up prices for American consumers and manufacturers.
Investors flocked to the safety of government bonds as stocks plummeted this morning, pushing up prices and lowering yields, reflecting the interest rate the government pays to borrow from investors. The 10-year yield, which underpins interest rates on things like mortgages and some business loans, is now close to 4 percent, down from nearly 4.8 percent in January.
ConocoPhillips Shopping Marathon's Anadarko Assets for $1B
ConocoPhillips is considering a sale of Midcontinent assets picked up...
ConocoPhillips is considering a sale of Midcontinent assets picked up through its Marathon Oil acquisition last year.
The company said last year that ConocoPhillips assumed approximately 250,000 net acres in the Anadarko Basin through the $22.5 billion Marathon Oil deal, giving the E&P a stronger foothold in U.S. gas.
Production from Marathon’s Oklahoma assets averaged 40,000 boe/d in the third quarter of 2024, according to investor filings. Anadarko gas output averaged 122 MMcf/d.
