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| Economy | |
| Wall Street is rocked as major stocks immediately plummet at open... with TRILLIONS wiped off economy and 401(K)s | |
| 2025-04-03 | |
It was a sea of red on Wall Street as US stock markets opened for the first time since President Donald Trump unveiled higher-than-expected tariffs. For every stock increasing in value, ten were falling. Megacap US tech companies including Apple and retail giants Walmart and Nike led the global market meltdown amid fears of a spike in costs across a wide swath of industries. Trillions of dollars was wiped off the value of US stocks — a blow that will also hit ordinary Americans whose retirement savings, including 401(K) are tied to the market. Retail experts say tariffs will also push up prices for shoppers since they are so big companies will have to pass on higher costs. The S&P 500 opened down 3.12 percent, the Nasdaq down 4.16 percent and the Dow Jones lower by 2.63percent. The S&P is on course for its worst day in two years. There are hopes they will recover during the day and coming weeks. Companies that rely on imports were down the most, since they will now be hit by tarifs as high as 54 percent for cheap goods from Asia. Nike was down 12 per cent. Apple down 8 per cent. 'The silver lining for investors could be that this is only a starting point for negotiations with other countries and ultimately tariff rates will come down across the board,' Northlight Asset Management's Chris Zaccarelli wrote in a note to clients. 'But for now traders are shooting first and asking questions later,' he added. Trump made his tariff announcement Wednesday afternoon in the White House Rose Garden, unveiling broad 10 percent tariffs — with even higher rates for certain countries. This includes 34 percent on China, on top of an existing 20 percent tariff. For the European Union, it is 20 percent, much higher than expected. Tariffs will be25 percent on South Korea, 24 percent on Japan and 32 percent on Taiwan. By then, Wall Street had closed, but futures tied to major US indexes immediately nosedived as investors worried about rising inflation and economic fallout. Overnight, global stocks tumbled as recession fears spread. Japan's Nikkei index sank tumbled more than 3 percent, while South Korea's Kospi slipped 1.5 percent. In Australia's main index dipped 1.9 percent, heading for its worst single-day decline since September. Trump on Wednesday accused foreign nations of 'ripping off' the United States. He announced a baseline 10 percent tariff on all imports, effective April 5, with higher rates for countries imposing steeper duties on US goods. Trump confirmed that a 25 percent tariff would be imposed on all foreign cars imported to the US starts Thursday. It took nearly 20 minutes before Trump shared the tariff details. 'For nations that treat us badly we will calculate the combined rate of all their tariffs, non-monetary barriers and other forms of cheating. And because we are being very kind ... We will charge them approximately half of what they charge us,' Trump said. Trump then held up a large sign that showed the calculations. As Trump went through the chart, he knocked even some of the U.S.'s closest allies for charging import taxes. | |
| Posted by:Skidmark |
| #12 I bought stocks when Covid crashed the stock market. I will buy stocks when this market hits bottom. Remember, buy when the cannons are booming. Sell when the violins are playing. |
| Posted by: Muggsy and Company2746 2025-04-03 22:37 |
| #11 Roth IRAs are all the rage with the young crowd Those youngsters already clients of financial firms, according to thr article, so not your average young minimum wager. In other words the same group that were investing in Roths back when they were first offered, back in the 1989s. On the other hand, that lot are at least as likely to live paycheck to paycheck — figuring they’re successful and therefore deserve to have *all* the nice things — as their less well-paid peers. |
| Posted by: trailing wife 2025-04-03 18:33 |
| #10 Yawn. |
| Posted by: Besoeker 2025-04-03 18:29 |
| #9 It's the ruling class gambling in the stock market for paper gains that maybe concerned. Roth IRAs are all the rage with the young crowd |
| Posted by: Skidmark 2025-04-03 16:19 |
| #8 @#3 - Geesh, you ain't kidding. I've never heard more talk about eggs over the past year than in my whole life. |
| Posted by: DooDahMan 2025-04-03 16:08 |
| #7 Buyer's market. Who shorted last week? |
| Posted by: Skidmark 2025-04-03 14:25 |
| #6 before Trump's first term, USA custom duty revenue was well under $40B/year. by the end of Trump's first year it was about $70Byr by the last year of Biden's term it was about $100B if the tariffs announced yesterday were in effect for a whole year it would be about $700B to $900B. that's a lot but it could 'finance' the extension of the 2017 Tax Cut and Jobs Act parts of which (e.g., the increased standard deduction) expire in 2025 and other parts in 2026-2028. |
| Posted by: Lord Garth 2025-04-03 14:05 |
| #5 Why, whatever makes you think the stock market is rigged? |
| Posted by: ed in texas 2025-04-03 14:03 |
| #4 ^And, in any case, tomorrow it will rise again. |
| Posted by: Grom the Affective 2025-04-03 13:36 |
| #3 Most Americans are more interested in the price of eggs and gas. It's the ruling class gambling in the stock market for paper gains that maybe concerned. |
| Posted by: Procopius2k 2025-04-03 13:14 |
| #2 The important thing, Anakin, no way all EU nations will respond as a group. |
| Posted by: Grom the Affective 2025-04-03 12:04 |
| #1 It will be weeks until we see where the fallout lands. Some nations will capitulate, others will ignore and others will double down. By Christmas we should have a pretty good idea of what the next year's economy will be looking like and I bet it will be slow growth with some inflation, much like we have had for the past 2 years, but things are manageable. Next two years after that I expect an upswing as new infrastructure is built out and things get a lot better. |
| Posted by: DarthVader 2025-04-03 11:59 |