US stock futures plummeted, signaling substantial losses on Wall Street. The S&P 500 contracts dropped 3%, while European markets erased all yearly gains. This downturn follows China's implementation of new tariffs on US goods, intensifying the global trade war.
Technology stocks were particularly hard hit, with Tesla and Intel experiencing pre-market declines of approximately 5%. Investors sought safe havens, pushing 10-year Treasury yields below 3.90%, a level not seen since before the election. The dollar and gold remained relatively stable.
US stocks futures tumbled, indicating another day of big losses on Wall Street, and bonds rallied as China kicked off the next stage of the global trade war with new tariffs on US products.
S&P 500 contracts fell 3% and Europe’s stock benchmark wiped out all gains for the year. Tesla Inc. and Intel Corp. shed about 5% in pre-market trading as losses accelerated in technology stocks. Traders rushed into havens, driving 10-year Treasury yields below 3.90%, the lowest level since before election day. The dollar and gold were steady.
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