Market Turmoil as Trade War Fears Resurface

Major Wall Street indices opened significantly lower on Thursday, reversing gains from the previous session. The downturn follows the U.S. government's decision to postpone new tariffs for 90 days, a move that had initially buoyed markets. However, investor optimism was short-lived as concerns over escalating trade tensions between the U.S. and China took center stage.

Significant Losses Across the Board

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

Euro Gains Against the Dollar

On the currency markets, the euro made notable gains against the dollar, increasing by 1.54% to trade at $1.11172 by 9:28 am ET, signaling shifting investor sentiments in the forex markets amidst the ongoing trade uncertainties.