The U.S. stock market experienced a significant downturn as all three major indices fell sharply. The Dow Jones Industrial Average dropped 2.48%, losing over 970 points. The Nasdaq Composite fell 2.55%, shedding more than 410 points, while the S&P 500 declined 2.36%, losing over 120 points. This marked another challenging day for the markets.
Technology giants saw steep declines, with the Wind U.S. Tech Seven Index plunging 3.06%. Tesla (TSLA) decreased by 5.75%, wiping out $44.6 billion in market value, and Nvidia (NVDA, Financial) fell 4.51%, losing $111.8 billion in market capitalization. In total, the market value of the "Tech Seven" dropped by $404.6 billion.
Bank stocks also faced losses, with JPMorgan Chase, Goldman Sachs, Bank of America, and Wells Fargo all down over 1%, while Citigroup dropped nearly 1%, and Morgan Stanley fell more than 2%.
Conversely, many popular Chinese stocks rose, with the Nasdaq Golden Dragon China Index up 0.20%. Companies like Zhongjin Keji and Hesai Technology gained over 6%, while TAL Education Group increased by more than 2%.
Market concerns were heightened by political pressures from President Trump on Federal Reserve Chairman Jerome Powell, raising fears about the Fed's independence. Economic uncertainties were further fueled by fluctuating inflation data and unpredictable trade policies.
