The United States’ stock market has dramatically shed over $1.7 trillion in value following US President Donald Trump’s refusal to dismiss the potential onset of a recession within the year.
On Monday, the benchmark S&P 500 took a heavy hit, tumbling by 2.7%, which dragged the index almost 9% below its all-time high reached on February 19. Adding to the financial turbulence, the tech-heavy Nasdaq 100 plunged by 3.81%, marking its steepest single-day loss since September 2022.
The losses, coming on the heels of two relentless weeks of sharp declines, signify that both the S&P 500 and Nasdaq 100 have plummeted to their lowest thresholds since September.
In particular, Tesla, the innovative electric car manufacturer led by Trump’s cost-cutting visionary, Elon Musk, suffered some of the most profound losses among individual companies, taking a dramatic dive of 15.43 percent.
Meanwhile, the Asian stock markets exacerbated the widespread downturn on Tuesday morning. Japan’s Nikkei 225 and Taiwan’s TAIEX each tumbled over 2.5 percent, while Hong Kong’s Hang Seng slipped approximately 1.5 percent.