Market Turmoil Follows China's Tariff Hike

In a bold move that rattled global markets, China has escalated the ongoing trade dispute by increasing tariffs on US goods from 84% to 125%. This decision comes as a direct response to the US President Donald Trump's recent hike on Chinese imports, pushing the cumulative rate to a staggering 145%.

Investors Digest Latest Economic Indicators

Amidst the tariff tensions, investors are also weighing the latest US producer prices report, which showed a 0.4% decline in March. This economic indicator adds another layer of complexity to the current market sentiment.

Stock Market Opens Lower

The Dow Jones Industrial Average opened 0.36% lower, with Walt Disney shares plummeting by 6.79%. Similarly, the Nasdaq 100 and the S&P 500 saw declines of 0.19% and 0.20% respectively, as Texas Instruments Incorporated faced an 8.05% drop.

Currency Fluctuations

On the currency front, the euro experienced a 1.76% shift against the US dollar, trading at $1.13960 early in the session.