US stocks slide as chaos over Trump’s tariffs intensifies

The rocky week on Wall Street continued on Thursday as investors grappled with further uncertainty from President Donald Trump’s tariffs.

US stocks opened sharply lower but fluctuated on the mixed messaging coming from the White House. All three major indexes closed lower, despite Trump announcing a nearly one-month tariff delay on all products from Mexico and Canada that are covered by the USMCA free trade treaty.
Earlier in the day, US Commerce Secretary Howard Lutnick told CNBC that the president would likely announce a one-month tariff delay on products that are covered by the USMCA.

The Dow closed lower by 428 points, or 0.99%. The broader S&P 500 fell 1.78% and the Nasdaq Composite slid 2.61%. The Nasdaq closed almost in correction territory, down nearly 10% from its most recent peak on February 19.

That leaves the Dow down almost 3% on the week, on track for its worst week since March 2023. The S&P 500 and Nasdaq are both on pace for their worst week since September 2024.

The market is in the red during Trump’s presidency in part because of the uncertainty the administration’s trade policy has caused. The Nasdaq has fallen more than 7% since Trump took office, and the S&P 500 is down more than 4%.

Investor sentiment is struggling due to the persistent uncertainty around tariffs, according to Rob Haworth, a senior investment strategist at US Bank Wealth Management.