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US inventory market shut: Nasdaq falls 3.5%

It was a positive day for US equities until Trump blew it up at 10:30 am ET with a tweet threatening new tariffs on China because of rare earth controls. Details have been light since then but the market isn’t waiting for details.

The last few months have been a smashing success for bulls and at this point, asset managers might not want to risk ruining the year. That makes it a fairly easy decision to take profits and the Nasdaq fell more than 3%.

In an ominous sign, US stock markets closed on the lows.

Closing changes:

  • Nasdaq -3.5%
  • S&P 500 -2.7%
  • DJIA -1.9%
  • Russell 2000 -2.6%
  • Toronto TSX Comp -1.2%

On the week:

  • Nasdaq -2.4%
  • S&P 500 -2.5%
  • DJIA -2.7%
  • Russell 2000 -2.9%
  • Toronto TSX Comp -1.9%

Nasdaq daily

Some big losers:

  • TSLA -5.0%
  • BIDU ADRs -8%
  • QCOM -7.3%
  • AMZN -4.95%
  • META -3.9%
  • OXY -5.1%
  • FDX -5.0%
  • AMD -7.8%
  • NVDA -4.7%

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