US Stock Market LIVE UPDATES: ‘A great time to get rich…’ Trump assures investors, Wall St. crashes after China tariffs | Stock Market News
Source: Live Mint
US Stock Market LIVE UPDATES: Wall Street on Friday, April 4, opened lower after China announced that it is set to impose 34 per cent additional tariffs on all imports from the United States in retaliation to US President Donald Trump’s reciprocal tariff announcement.
Investor fears rise for a potential escalation of a trade war between the United States and other nations.
Trump on FED rate cuts
US President Donald Trump urges the US Federal Reserve Chairman to cut the key benchmark interest rates. He cited the low inflation and the higher job rates as the “perfect time” to increase the rates in the Western nation.
“This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always ‘late,’ but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months – A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” said Trump in his post.
According to an AP report on Friday, the United States added 2,28,000 or 2.28 lakh jobs for the month of March 2025. However the unemployment rates in the Western nation rose to be at 4.2 per cent.
Zero Tariffs from Vietnam?
According to Donald Trump’s social media post on Truth Social, To Lam, who is the General Secretary of the Communist Party of Vietnam, said that the South Asian nation to reduce their tariffs to “Zero” for the United States.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting in the near future,” said Trump in his post.
Great Time to invest?
US President Donald Trump, in a Truth Social post on Friday, assured investors that this is a “great time” to invest in the US economy to become richer than “ever before”.
“To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!” said Trump in a social media post.
At 9:30 a.m. (EDT), the Dow Jones Industrial Average (DJIA) opened 2.45 per cent lower at 39,551.47 points, compared to 40,545.93 points at the previous US market close.
Marketwatch data shows that the Dow Jones is currently trading 3.81 per cent lower at 39,012.84 points, as per the early trading session.
Other US benchmark equity indices like the Nasdaq Composite dropped 2.86 per cent to 16,077.44 points at the Wall Street open on Friday, compared to 16,550.61 points at the previous trading close.
Nasdaq crashed after US market open dropping more than 5 per cent amid a wider stock market selloff.
The S&P 500 index also opened 2.48 per cent lower at 5,262.47 points, compared to 5,396.52 points at Thursday’s US market close. The S&P 500 on Friday lost 3.62 per cent, trading at 5,200.46 points, according to the early market session.
China Tariffs
On Friday, April 4, China announced that it is set to impose an additional 34 per cent tariff on all goods imported from the United States as a counter-move to the reciprocal tariffs announced by President Donald Trump on April 2.
“China Played It Wrong, They Panicked – The One Thing They Cannot Afford To Do!” said US President Donald Trump in his social media post on Truth Social after China’s tariff announcement.
According to multiple agency reports, China is set to implement the 34 per cent tariff rate on all imports from the United States from April 10, 2025.
“The purpose of the Chinese government’s implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfil international obligations such as non-proliferation,” Commerce Ministry of China said, reported the news agency Reuters.
US Stocks
Chipmaking giant Nvidia shares tanked 7.2 per cent to $94.46 at 10:36 a.m. (EDT) after the US markets opened on Friday, compared to $101.80 at the previous Wall Street close.
Nvidia stock has taken a hit as investors’ concerns rise due to the exposure in its manufacturing operations in China. The shares of Nvidia Corp were trading more than 4 per cent lower in the pre-market session before the stock market opened for the Western nation.
Apple shares which were trading 3.8 per cent lower in the pre-market session on Friday, dropped 4.72 per cent to $193.67 after the stock markets opened in New York, compared to $203.19 at the previous US market close.
Top losers
Companies like Boeing, Goldman Sachs Group, Nvidia Corp., JPMorgan & Chase, American Express Co., Caterpillar Inc., Chevron Corp., 3M Co., Apple Inc., Salesforce Inc., and Visa were among the top losers on the Dow Jones on Friday.
Top laggards on the Nasdaq Composite were Virpax Pharmaceuticals, NeuroOne Medical Technological Corp., Aptevo Therapeutics Inc., Hennessy Capital Investment Corp, Sonim Technologies Inc., Medirom Healthcare Technologies Inc., Lifecore Biomedical Inc., NewGenIvf Group Ltd., QuantaSing Group Ltd., and Atlas Lithium Corp were among others.
APA Corp., EQT Corp., GE Healthcare Technologies, Freeport-McMoRan Inc., were among other who lost on the S&P 500 index on Friday.
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