The US stock market has been volatile in the trading session so far on Monday. As the Wall Street opened, the S&P 500 plunged around 4% to enter into bear market territory. The Dow Jones Industrial Average slumped over 1,400 points.
But barely an hour into the trade, a reversal was witnessed, with the S&P 500 rising more than 1.5%. Similarly, the Dow Jones gained over 700 points. The movement came amid false claims of easing tariff policies, which were quickly denied by the White House.
The see-saw trade continued at the Wall Street as by 10:26 am EST (7:56 pm IST), the main indices again started edging lower. S&P 500 was down 0.41% at 5,052.62, Dow Jones traded 0.93% lower at 37,957.74, and Nasdaq Composite was edging 0.2% lower at 15,562.56.
The decline deepened further, with the S&P 500 trading marginally below 5,000 at 9:54 pm India time. Dow Jones was down over 800 points, whereas Nasdaq Composite traded 0.9% lower.
Shares of Apple Inc. were down 6%, while Nike and Tesla Inc dropped 5%.
The US market has been battered since April 2, in the aftermath of Trump announcing reciprocal tariffs on all trading partners, including friends and foes.
The S&P 500 had plunged 6% on Friday, in one of the worst slides since the Covid-19 outbreak in March 2020, to close at 5,074.08. The Nasdaq 100 had settled 6.07% lower at 17,397.7, whereas Dow Jones ended the session 5.5% lower at 38,314.86.
The S&P 500 has fallen nearly 20% from its peak high of 6,147 hit on Feb. 19.
All but one of the eleven sectors on the US benchmark were down. Real estate stocks plunged 3%, followed by over 2% decline in healthcare, utilities, consumer discretionary and materials.
The dollar marginally gained, with the dollar index rising 0.2%. The benchmark US 10 Treasury bond yield advanced three basis points to 4.03%.
Gold fell 0.5% to $3,022.88 per ounce. Bitcoin tanked 2.8% to $76,616.13.
Major global markets on Monday felt the ripple effect, with Japan's Nikkei 225 sliding 7.8% to 31,136.58, South Korea's KOSPI falling 5.57% to 2,328.2, Hong Kong's Hang Sang Index plunging 13.22% to 19,828.3, and mainland China's Shanghai Composite Index declining 7.34% to 3,096.58.
In India, the benchmark Nifty and the Sensex ended 3.24% and 2.95% lower.
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