Wall Street Opens Lower Amid Trade War Concerns

Major Wall Street indices opened significantly lower on Thursday, reversing the gains from the previous day's surge. This downturn comes as investors continue to weigh the risks of an escalating trade confrontation between the U.S. and China, following President Donald Trump's announcement to increase tariffs on Chinese goods.

Significant Drops Across the Board

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

Euro Gains Against the Dollar

On the currency markets, the euro made notable gains against the dollar, increasing by 1.54% to $1.11172 by 9:28 am ET, highlighting the shifting dynamics in global financial markets amidst ongoing trade tensions.