U.S. stocks ended sharply lower, the dollar index declined, and crude oil prices settled lower on Tuesday, as the U.S. "reciprocal tariffs" are set to take effect on Wednesday.
Amid widespread opposition, U.S. President Donald Trump on April 2 signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners. U.S. Trade Representative Jamieson Greer on Tuesday said the "reciprocal tariffs" will go into effect on Wednesday.
The Dow Jones Industrial Average dropped 320.01 points, or 0.84 percent, to close at 37,645.59.
The S and P 500 fell 79.48 points, or 1.57 percent, to 4,982.77, narrowly avoiding a bear market. According to CNBC, the index has dropped nearly 19 percent from its February record, and it ended the session below 5,000 points for the first time since April 2024.
The tech-heavy Nasdaq Composite plunged 335.35 points, or 2.15 percent, to 15,267.91. Major U.S. tech leaders Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta Platforms and Tesla have all suffered dramatic share price plummets.
The dollar index, which measures the greenback against six major peers, lost 0.3 percent to 102.955 on Tuesday.
In late New York trading, the euro advanced to 1.0951 U.S. dollars from 1.0928 U.S. dollars in the previous session, while the British pound increased to 1.2790 U.S. dollars from 1.2755 U.S. dollars in the previous session.
The U.S. dollar bought 146.39 Japanese yen, lower than 148.03 Japanese yen of the previous session. The U.S. dollar was down to 0.8480 Swiss francs from 0.8572 Swiss francs, and it was up to 1.4238 Canadian dollars from 1.4200 Canadian dollars. The U.S. dollar declined to 10.0007 Swedish kronor from 10.0758 Swedish kronor.
Crude oil prices also fell on the same day.
The West Texas Intermediate for May delivery dropped 1.12 U.S. dollars, or 1.85 percent, to settle at 59.58 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased by 1.39 dollars, or 2.16 percent, to settle at 62.82 dollars a barrel on the London ICE Futures Exchange.
US stocks, dollar, crude oil prices drop as tariff fallout continues
US stocks, dollar, crude oil prices drop as tariff fallout continues
US stocks, dollar, crude oil price drop as tariff fallout continues
