Market Turmoil Following Tariff Escalation

In a dramatic response to the United States' imposition of combined duties reaching 104%, China has introduced countertariffs of 84%, sending shockwaves through the US stock markets during Wednesday's futures session.

Sharp Declines Across Major Indices

The Dow Jones Industrial Average witnessed a steep decline, dropping by 1.60% or 601 points at 7:18 am ET, after an even more significant plunge earlier. Similarly, the Nasdaq 100 and the S&P 500 were not spared, sliding by 1.04% or 178 points and dipping by 1.39%, respectively.

Euro Gains Against the Dollar

Amid the market turmoil, the euro saw an uptick, rising by 0.70% against the dollar at 7:19 am ET, trading at $1.10357.