Trade War Tensions Rattle Markets

Wall Street opened sharply lower on Tuesday, as investors grappled with the implications of new US tariffs on Canada, Mexico, and a significant 20% levy on Chinese imports. The move, met with immediate retaliation from Beijing, has stoked fears of a burgeoning global trade war, sending shockwaves through global markets.

Market Reactions

The Dow Jones Industrial Average fell by 0.62%, with Goldman Sachs leading the decline, dropping 3.65%. The Nasdaq 100 wasn't spared, decreasing by 0.75%, as Lululemon Athletica shares tumbled 4.45%. The S&P 500 also saw a significant drop, falling 0.81%, with Best Buy experiencing a dramatic crash of 13.58%.

Currency Movements

Amidst the turmoil, the euro gained strength against the dollar, rising 0.42% to trade at $1.05265 by 9:29 am ET, signaling a shift in currency markets as investors seek safer havens.