Wall Street Woes: Trade War Triggers Global Market Collapse

Global markets are nosediving, led by Wall Street, as concerns mount over President Donald Trump's trade war potentially derailing the world economy. The S&P 500 fell 3.8%, Dow Jones plummeted by 1,200 points, and Nasdaq dropped 4%. Hong Kong stocks plunged 13.2%, while US crude oil hit $60.

Stock markets worldwide are in turmoil, with Wall Street spearheading the downturn as fears escalate regarding the repercussions of President Donald Trump's trade war on the global economy.

The S&P 500 index dropped 3.8% in early Monday trading, following its worst week since the coronavirus pandemic began impacting the economy in March 2020.

Meanwhile, the Dow Jones Industrial Average fell by 1,200 points, and the Nasdaq composite saw a 4% decline. Stocks in Hong Kong experienced a staggering 13.2% drop, marking their worst day since 1997. Additionally, the price of US benchmark crude oil temporarily slipped below $60 a barrel for the first time since 2021.

(With inputs from agencies.)