The S&P 500 fell by 1.7% on Tuesday, wiping out all the gains it had made since Donald Trump won the 2024 presidential election. Trump’s threats to impose tariffs on America’s trading partners led to heavy selling, causing a total loss of $3.4 trillion in value since the election. The Nasdaq Composite and Dow Jones Industrial Average also declined, with tech stocks nearing correction territory. Automakers like GM and Ford, as well as companies like Chipotle that rely on imports from Mexico, saw significant losses. Target and Best Buy warned of price increases due to the tariffs, while firms like United Airlines, Royal Caribbean Cruises, Citigroup, and Dollar Tree also saw declines. Tesla’s China-made EVs hit their lowest level since August 2022, causing the stock to drop by 30% year to date. The sell-off comes amid signs of a weakening economy, with manufacturing activity and consumer confidence showing caution.
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