Market Commentary - Foreign Markets
The Dow, S&P 500, and Nasdaq saw steep declines with Tesla plummeting nearly 16%. Tech giants like Meta, Nvidia, and Apple also suffered losses. U.S. and European markets were weighed down by economic uncertainty, tariff concerns and signs of deflat
The Dow closed down 890.01 points or 2.08 percent, at 41,911.71. The S&P 500 ended lower by 155.64 points or 2.7 percent, at 5,614.56, while the Nasdaq dropped 727.90 points or 4 percent to 17,468.32.
Tesla tanked nearly 16 percent. Meta Platforms, Nvidia, Alphabet, Oracle and Apple lost 4 to 5 percent, Microsoft declined 3.3 percent, Intel drifted down 3.2 percent, and Amazon ended lower by about 2.3 percent.
Morgan Stanley, Wells Fargo, US Bancop, Goldman Sachs, Citigroup, American Express, JP Morgan and Bank of America all closed sharply lower. United Airline Holdings, Delta Airlines, Boeing, Nike, FedEx, Netflix, Moody's and Airbnp ended weak as well. Regeneron Pharmaceuticals, Exxon Mobil, Vertex Pharmaceuticals, ResMed, Constellation Brands, General Motors and Pepsico were among the notable gainers in the session.
Asian stocks turned in a mixed performance amid lingering tariff worries, the threat of a U.S. recession and signs of deepening deflationary pressures in China. European stocks closed on a weak note as rising economic uncertainty and tariff concerns rendered the mood bearish. Recent weak U.S. and Chinese economic data hurt as well.
In the currency market, the dollar gained marginally against the Euro, at 1.0826. Against the Japanese currency, the dollar weakened to 147.32 yen from Friday's closing value of 148.03 yen.
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