The results of the session indicated a decline in the Dow Jones Industrial Average with a loss of 0.91%, while the broad S&P500 fell 0.23%, and the Nasdaq saw a slight increase of 0.10%.
Towards the end of the session, an upward movement was hinted at after former President Donald Trump stated he would make “fair deals” with countries negotiating tariffs, though he refused to pause his aggressive tariff policy.
During the first hour of the session, losses exceeded four percent after Trump threatened China with an additional 50% tariff if it did not lift the tariffs on U.S. imports by tomorrow, which had been imposed as retaliation.
On Saturday, Trump enforced a general tariff hike of 10%, with what he calls “reciprocal” tariffs, set to take effect on Wednesday. These carry higher rates for certain countries and blocs amid growing fears that these decisions could lead to a recession.
Goldman Sachs today revised its U.S. recession forecast upward to 45%, aligning with major banking institutions and Wall Street figures who initially supported Trump but now criticize him, including JPMorgan’s CEO Jamie Dimon, BlackRock’s CEO Larry Fink, and billionaire Bill Ackman.
Trump expressed his willingness to negotiate his tariffs, yet did not agree to exclude any countries from these measures.
Furthermore, Trump once more urged the Federal Reserve to lower its benchmark interest rates, coinciding with the day of their extraordinary closed-door meeting of the Board of Governors.
Among the 30 companies in the Dow Jones, Apple stood out with a 3.67% depreciation. The company, heavily reliant on China, is one of the most impacted by these trade policies and has seen a 20% decrease in its market capitalization over the last three sessions, totaling a loss of $640 billion.
