See-Saw At Wall Street: S&P 500 Again Declines After Brief Rebound, Edges Close To Bear Market
The US stock markets opened lower, but a reversal was witnessed with S&P 500 rising more than 1.5% and Dow Jones gaining by over 700 points. Apple, Tesla, and Nike were among the top losers.
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.
