The S&P 500 Index ($SPX) (SPY) Thursday closed down -1.78%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.99%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.79%. March E-mini S&P futures (ESH25) are down -1.50%, and March E-mini Nasdaq futures (NQH25) are down -2.40%.
Stock indexes on Thursday sold off sharply, with the S&P 500 and Nasdaq 100 posting 4-month lows. Concerns about US trade policy, higher global bond yields, and disappointing tech earnings weighed on stocks Thursday. Fears that US tariffs will start a global trade war that weakens economic growth and corporate earnings are hammering stocks. President Trump imposed 25% tariffs on Canadian and Mexican goods on Tuesday and doubled the tariff on Chinese goods to 20% from 10%. However, Mr. Trump granted automakers a one-month tariff exemption and exempted tariffs for one month on Canada and Mexico for all goods and services compliant with the United States-Mexico-Canada Agreement (USMCA), but reiterated that he would impose reciprocal tariffs on foreign nations on April 2.
