Market Turmoil as US Futures Drop Sharply

In a dramatic response to the United States' increased tariffs, China has imposed countertariffs, leading to a significant downturn in US stock futures. The move has sent shockwaves through the markets, with major indices experiencing sharp declines.

Key Indices Hit Hard

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

Currency Markets React

Amidst the turmoil, the euro gained strength against the dollar, rising by 0.70% to $1.10357 at 7:19 am ET, indicating a shift in investor sentiment towards safer assets.