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US Stock Market Wipes Out Over $5 Trillion Amid Tariffs and Growth Scare: Closing Bell Analysis
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April 4, 2025
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8:52Now PlayingA selloff in stocks deepened, bonds climbed and oil tumbled to a four-year low as Federal Reserve Chair Jerome Powell signaled the damage of a trade war will be bigger than anticipated, with the potential effects including higher inflation and slower growth.
Despite the economic risks from President Donald Trump’s trade war such as China’s decision to retaliate, Powell reiterated a wait-and-see approach on rates. The S&P 500 saw its worst two-day plunge since March 2020 in a rout that has shed about $5 trillion in value, with the gauge down 6% on Friday. The Nasdaq 100 entered a bear market. Treasury 10-year yields slid two basis points to 4.01%. The dollar rose 1%.
While the latest jobs report suggested the labor market was holding up well, that was before Trump’s aggressive tariffs start making their way through the economy. Trade tensions grew as China retaliated against new US levies with a slew of measures, including duties on all American imports and export controls on rare earths.
Trump said his economic policies “will never change.”
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.
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