Wall Street sells off as Trump hits China with more tariffs
By Stephen
Culp
Fri October 10, 2025 6:22 PM
Yesterday there was the threat of a wildly increased tariff on China. Today the threat became a reality with an extra 100% tariff announced likely at 11 a.m. as that was the precise moment that all three indexes went into freefall resulting in a huge sell off that continued all day. That’s 100% in addition to the already steep tariffs on the world’s second largest economy. Between the two days, the Dow lost over 1100 points, the Nasdaq nearly 840, the S&P a whopping 200+. This was all completely predictable and should have been a heyday for the short sellers. The damage to tech was enormous, with the chip index falling 6.3%. It was the largest single day percentage drop since the so-called “Liberation Day” April 2nd, a pullback that took months to recover from.
Today’s expert sort of wittily quipped, “We haven’t had this level of volatility in a long time. One could argue we were due for some spookiness this October.” As the shutdown concludes its 10th day, investors look to Tuesday as the official beginning of Q3 when four major banks will be reporting. But with China producing 90% of the critical minerals needed by tech, the markets are very worried that this trade war will end disastrously if concessions aren’t made. In the absence of any government data, analysts continue to look at non-government sources and one very reliable source is the University of Michigan and its consumer sentiment survey which currently reads at an historic low. Volume was huge at 24.26 billion vs a 20.15 average, and today was not a triple-witching day.
DJ: 46,358.42 -243.36 NAS: 23,024.63
-18.75 S&P: 6,735.11
-18.61 10/9
DJ: 45,479.60 -878,82 NAS: 22,204.43
-820.20 S&P: 6,552.51
-182.60 10/10
No comments:
Post a Comment