Dow tumbles more than 300 points Tuesday as tariff-induced sell-off resumes

Stocks dropped Tuesday as a relief rally proved short-lived and investor anxiety returned ahead of President Donald Trump’s next tariff deadline that will see a cumulative tariff of 104% slapped on China just after midnight.

The Dow Jones Industrial Average dropped 320.01 points, or 0.84%, and closed at 37,645.59, bringing its four-day loss on tariff angst to more than 4,500 points. Apple led the losses with the iPhone maker’s costs set to surge with new China tariffs. At its high of the day, the Dow was up 3.9%.

The S&P 500 declined 1.57% to end at 4,982.77. The index was inches away from closing in a bear market, down nearly 19% from its February record, and it ended the session below 5,000 for the first time since April 2024. Over the past four days, the S&P 500 has fallen more than 12%.

The Nasdaq Composite fell 2.15%, ending at 15,267.91. The tech-heavy benchmark rose as much as 4.5% earlier in the day. The Nasdaq has lost more than 13% in the four-day rout.