Market Turmoil Following Trade War Escalation

In a dramatic response to the United States' recent imposition of combined duties totaling 104%, China has announced countertariffs of 84% on US goods. This escalation in the trade war 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 significant drop, falling by 1.60% or 601 points at 7:18 am ET, after a momentary plunge of nearly 700 points. Similarly, the Nasdaq 100 and the S&P 500 were not spared, sliding by 1.04% and 1.39% respectively.

Currency Market Reactions

Amidst the turmoil, the euro gained strength against the dollar, rising by 0.70% to trade at $1.10357 by 7:19 am ET.