U.S. stocks are sinking Tuesday as AI mania on Wall Street loses more steam and as more companies scrub their forecasts for upcoming profits because of uncertainty created by President Donald Trump’s tariffs. https://t.co/rY6fHBXpB1
Crazy the S&P just had its longest winning streak in 20 years
U.S. STOCK INDEXES CUT LOSSES SLIGHTLY AS TRUMP SPEAKS || S&P 500 DOWN 0.2%, NASDAQ DOWN 0.3%, DOW DOWN 0.3%
The S&P 500 ended a nine-day winning streak, its longest in over 20 years, as it fell 0.6% on Monday. The Dow Jones Industrial Average also declined by 0.2%, marking the end of a similar nine-day upward trend for both indices. This downturn coincided with oil prices hitting a four-year low after the OPEC+ group announced plans to increase output. The downturn in the stock market was influenced by several factors, including President Donald Trump's call for a 100% tariff on foreign-made films, which added to trade war concerns. Investors were also awaiting the Federal Reserve's upcoming monetary policy decision. Additionally, the US March trade deficit reached $1,405 billion, higher than the estimated $1,372 billion. At the market open on Monday, the S&P 500 was down 51.09 points or 0.90% at 5,599.29, the Dow Jones fell 342.07 points or 0.83% to 40,876.76, and the Nasdaq dropped 209.22 points or 1.17% to 17,635.02. Later in the day, losses were slightly reduced with the S&P 500 down 0.2%, Nasdaq down 0.3%, and Dow down 0.3%. The market's decline was also affected by waning AI mania and companies revising down their profit forecasts due to uncertainty from Trump's tariffs.
