The US stock market fell sharply on Thursday (April 3) amid growing fears of recession after President Donald Trump announced tariffs. The Dow Jones closed down 1679.39 points or 3.98 per cent at 40,545.93. The Nasdaq index closed down 1050.44 points or 5.97 per cent at 16,550.50. The S&P 500 index closed down 274.45 points or 4.84 per cent at 5,396.52. Thursday’s decline was the biggest one-day drop since 2020.
Goldman Sachs said tariffs are a threat to global economic growth. The US-based financial services firm said US tariffs would impact global growth and prompt the Federal Reserve to cut interest rates more aggressively than before.
Asian market situation
Asian markets were in turmoil today as negative sentiment in the US market also affected global markets.
The World Trade Organization (WTO) on Thursday warned that new tariffs would reduce global trade by 1 percent in 2025. This further worsened the sentiment in Asian markets.
The Indian stock market witnessed a decline in early trade today and the Sensex opened with a decline for the second consecutive trading session. In early trade, the Sensex fell 490 points to 75,805 and the Nifty fell 186 points to 23,055.
