Market Turmoil Following China's Tariff Announcement

In a swift response to the United States' recent increase in combined duties to 104%, China has imposed countertariffs of 84% on US goods. This move has sent shockwaves through the US stock market, with futures plummeting in early trading.

Impact on Major Indices

The Dow Jones Industrial Average experienced a significant drop, losing 601 points (1.60%) by 7:18 am ET, after an even steeper decline earlier. Similarly, the Nasdaq 100 and the S&P 500 weren't spared, sliding by 178 points (1.04%) and dipping by 1.39%, respectively.

Currency Fluctuations

Amid the market chaos, the euro saw a notable increase against the dollar, rising by 0.70% to $1.10357 at 7:19 am ET.