Market Turmoil Following Tariff Escalation

In a dramatic response to the United States' recent imposition of 104% combined duties on Chinese goods, China has retaliated by introducing countertariffs of 84%. This move has sent shockwaves through the US stock market, with futures plunging sharply during Wednesday's session.

Impact on 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 drop earlier. Similarly, the Nasdaq 100 and the S&P 500 were not spared, sliding by 1.04% and 1.39% respectively.

Currency Fluctuations

Amidst the market chaos, the euro experienced a notable rise against the dollar, increasing by 0.70% to trade at $1.10357 by 7:19 am ET.