Tariffs Trigger Wall Street Plunge
Economy / Finance

Tariffs Trigger Wall Street Plunge

US stock markets experienced losses on Monday, reflecting ongoing trade-related uncertainties. The Dow Jones Industrial Average closed at 22,685 points, a decrease of 0.8 percent from the previous trading day.

The broader S&P 500 registered at approximately 6,230 points, also down 0.8 percent. The Nasdaq 100 mirrored the trend, closing around 22,685 points, shedding 0.8 percent.

The Wall Street decline was notably influenced by an announcement from the White House regarding the imposition of 25 percent tariffs on imports from Japan and South Korea, effective from August. However, the possibility of reaching an agreement before that date appeared to mitigate the extent of the losses. Investors also held onto a degree of optimism regarding ongoing negotiations with the European Union, bolstered by a recently extended timeframe of three weeks.

The euro weakened against the US dollar on Monday evening, trading at $1.1721, equivalent to €0.8532 per dollar.

Gold prices remained largely stable, fetching $3,337 per fine ounce ($91.54 per gram).

In contrast to the muted performance of gold, oil prices saw a significant increase. Brent crude, a benchmark for North Sea oil, reached $69.65 per barrel, representing a 2.0 percent rise compared to the closing price of the previous trading day.