U.S. Markets Slip as New Auto Tariffs and Economic Data Stir Uncertainty
The Nasdaq Composite fell over 100 points and the S&P 500 declined 0.3% as President Trump's 25% car import tariffs and mixed economic signals unsettled investors.
- The Nasdaq Composite dropped more than 100 points, while the S&P 500 fell 0.3%, reflecting investor unease over new tariffs and economic data.
- President Trump announced a 25% tariff on imported cars, driving sharp declines in General Motors stock and other automakers, while Tesla and Rivian fared better.
- U.S. economic data showed a slight drop in initial jobless claims to 224,000 and an upward revision of Q4 GDP growth to 2.4%, offering mixed signals to markets.
- Asian markets closed mostly higher, with gains in China's Shanghai Composite Index and India's BSE Sensex, while European markets saw declines, led by a 1.2% drop in Germany's DAX 40.
- The U.S. trade deficit in goods narrowed to $147.91 billion in February, but ongoing concerns about tariffs and their impact on industries weighed on market sentiment.
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