Tariff Troubles Trigger Market Tumble

Wall Street's main indexes fell as President Trump's new tariff plans disrupted auto stocks. Imports of cars and parts will see 25% tariffs. GM and Ford shares fell sharply. Safe-haven assets rose, while economic indicators and GDP data hinted at potential broader market impacts. Technology led declines.

Wall Street's key indexes experienced a downturn on Thursday after President Donald Trump announced 25% tariffs on imported vehicles and parts. This policy caused significant shakes in the auto industry, with major players like General Motors and Ford recording substantial stock losses.

Amid concerns about trade negotiations, overall market volatility increased, pushing investors towards safer assets such as gold. This investment shift occurred as the GDP showed a promising 2.4% increase, yet ongoing trade uncertainties amplify fears of inflation and supply chain disruption.

As ten of the S&P 500 sectors languished, technology stocks took a notable hit. Meanwhile, both the S&P 500 and Nasdaq entered negative territories, edging towards a rare quarterly decline. Observers now turn their eyes to pending economic indicators and Federal Reserve insights for future direction.

(With inputs from agencies.)