Dow closes more than 700 points lower and the S&P 500 is on track for its worst quarter since 2022 | CNN Business
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US stocks tumbled Friday and a broad selloff gripped Wall Street as investors digested slightly stubborn inflation data and weakening consumer sentiment while wrestling with continued tariff anxiety.

US stocks were sharply lower Friday as investors digested souring consumer sentiment and inflation data that showed an uptick in one of the Federal Reserve’s key gauges, underscoring the delicate state of the economy as businesses brace for President Donald Trump’s tariffs.

The Dow tumbled 750 points, or 1.77%, on Friday. The broader S&P 500 fell 2.1% and the Nasdaq Composite slid 2.8%.

. . .

Wall Street was also grappling with Trump’s announcement on Wednesday of 25% tariffs on all cars shipped into the US, set to go into effect April 3. Trump also announced tariffs on car parts like engines and transmissions, set to take effect “no later than May 3,” according to the proclamation he signed.

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  • pleasegoaway@lemm.ee
    151·
    9 days ago

    The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.

    All is going according to plan.

    • 10001110101@lemm.eeEnglish
      3·
      9 days ago

      Yeah, almost seems like it. I am convinced they are at least doing something like the “Mar-a-Lago Accord” to devalue the dollar, unseat the USD as the global reserve currency, inflate debt away, and make wages low enough and people desperate enough so more manufacturing is viable in the US again.

    • SpaceCowboy@lemmy.ca
      33·
      9 days ago

      Buy it with what? Billionaires don’t hold money, their valuation is all in stock value.

      I think you’re giving them too much credit. Never attribute to malice that which can be explained by incompetence.

      • Aspergillus@pawb.social
        11·
        9 days ago

        The billionaires don’t pay for their supercars, luxury mansion, security details, cesspool social media sites, and private jets with stocks my man. They have plenty of liquidity to go around.

        • Briguy@lemmy.world
          3·
          9 days ago

          False. They take out special loans only available to billionaires at less than 1% interest. They use their stock as collateral. They never pay back these loans because they don’t want to sell their stock and pay taxes in order to repay them. The banks don’t mind because they know they’re good for it. They keep doing this over and over. Their long term plan is when they die their estate will pay off their debt. That’s the recipe they use to pay zero taxes.