Wall Street Opens Lower as Trade War Concerns Resurface

Major Wall Street indices experienced a significant downturn at Thursday's opening bell, reversing the gains from the previous day's rally. The surge had been fueled by a temporary 90-day delay in imposing new tariffs on most countries. However, the mood shifted as investors began to weigh the potential impacts of an escalating trade conflict between the United States and China, following President Donald Trump's announcement to increase tariffs on Chinese goods.

Significant Losses Across the Board

The Dow Jones Industrial Average fell sharply by 1.73%, or 720 points, with Nike leading the decline by dropping 6.73%. The Nasdaq 100 wasn't spared, losing 2.66% as Microchip Technology saw an 8.62% plunge. Similarly, the S&P 500 decreased by 2.16%, with CartMax Group experiencing a dramatic 15.06% fall.

Euro Gains Against the Dollar

On the currency markets, the euro made notable gains against the dollar, rising 1.54% to trade at $1.11172 by 9:28 am ET.