Author: Al Jazeera Staff
Published on: 11/03/2025 | 00:00:00
AI Summary:
Concern over an economic downturn has driven a stock market rout that wiped $1.7 trillion from the S&P 500. The tech-heavy Nasdaq-100 posted its worst day since 2022, wiping out more than $1 trillion in value. Investors sold shares in the so-called “magnificent seven” – Alphabet, Amazon, Apple, Microsoft, Meta, Nvidia and Tesla. Holger Schmieding, chief economist at Berenberg Bank, described Trump as an “agent of chaos and confusion” In an interview with Fox News that aired on Sunday, Trump suggested that the risk of an economic downturn would be worth it. “There is a period of transition because what we’re doing is very big,” Trump said. Wall Street panicked yesterday, the White House maintained an optimistic outlook. Presidents responded to Trump’s “America First” agenda, which is marked by tariffs and deregulation, by pledging “trillions in investment commitments.” These commitments, he said, “will create thousands of new jobs” Meanwhile, Kevin Hassett played down financial market wobbles as “blips in the data” Asian stocks fell sharply on Tuesday morning, as the previous day’s US market selloff extended globally. Gold is now up 10 percent so far in 2025, after climbing 27 percent last year. Brent futures dropped by 0.65 percent to $68.83 a barrel. Citi analysts cut recommendation for US stocks to “neutral” from “overweight”. Prashant Newnaha, a senior Asia Pacific rates strategist at TD Securities, told the Reuters news agency that markets have now gotten the memo that the administration is intent on ripping the band-aid off. Since his first day in office, Trump has stated his desire to tame US inflation.
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