this post was submitted on 03 Apr 2025
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United States | News & Politics

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US stock markets see worst day since Covid pandemic after investors shaken by Trump tariffs (www.theguardian.com)
submitted 3 days ago by geneva_convenience@lemmy.ml to c/usa@lemmy.ml
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US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.

All three major US stock markets closed down in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.

Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown.

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[–] SinningStromgald@lemmy.world 11 points 3 days ago (3 children)

“We are going to start being smart and we’re going to start being very wealthy again,” Trump said.

What a crock of shit.

[–] expatriado@lemmy.world 8 points 3 days ago* (last edited 3 days ago) (1 children)

with hyperinflation we all be millionaires

[–] oxysis@lemm.ee 5 points 3 days ago

We can all be trillionaires when it gets bad enough!

[–] casmael@lemm.ee 7 points 3 days ago

Everything these guys say should be taken as indication of the exact fucking opposite

[–] 1024_Kibibytes@lemm.ee 5 points 3 days ago* (last edited 3 days ago)

He is correct about the being wealthy part, at least in the short term, as long as "we" in that sentence refers to him and Elon Musk, and possibly a few other billionaires who were at his inauguration. Somebody has to take all the resources that are being lost by the American people.