Wall Street Faces Downturn in Premarket Trading

Following a significant rally, Wall Street's major indexes have taken a sharp downturn in premarket trading this Thursday. This shift comes after President Donald Trump's announcement to delay the imposition of reciprocal tariffs on most countries, which had initially spurred market optimism.

Trade War Escalates Between US and China

Amidst these developments, the ongoing trade dispute between the United States and China intensifies, with China criticizing the US for utilizing tariffs as a strategic weapon in this economic standoff.

Market Performance at a Glance

By 4:04 am ET, the Dow Jones had lost 1.27%, equating to a 520-point drop. Shortly after, the Nasdaq 100 and the S&P 500 also experienced declines, falling by 2% and 1.63% respectively.

In currency markets, the euro saw a slight increase against the dollar, trading 0.68% higher at 1.10224 by 4:06 am ET.