Stock markets worldwide faced a downturn as US President Donald Trump's planned "Liberation Day" on Wednesday loomed, which involves imposing tariffs on several countries. Concerns that these tariffs, aimed at bringing manufacturing jobs back to the United States, would exacerbate inflation and create uncertainty—potentially leading to a spending freeze—contributed to the declines.
The Dow Jones Industrial Average fell by 295 points, the S&P 500 decreased by 1.3%, and the Nasdaq composite dropped by 2.3%, with similar declines seen in Asia-Pacific and European markets. Amidst the market turmoil, gold prices rose to $3,150 per ounce, while the yield on the 10-year Treasury fell to 4.19%. Tesla's stock experienced a significant decline, dropping 7.3% and marking a year-to-date loss of 39.5%, partly attributed to concerns regarding Elon Musk's leadership amid political unrest and protests.