From Nasdaq: 2025-03-28 09:30:00

U.S. stocks closed lower for the second consecutive day due to President Trump’s announcement of new tariffs on foreign-made cars. The Dow Jones fell 0.4%, the S&P 500 dropped 0.3%, and the Nasdaq slid 0.5%. Tech and industrial stocks were hit hardest, while consumer staples gained. The fear-gauge VIX rose 1.96%.

Trump’s tariffs on imported cars and auto parts, effective April 3 and May 3 respectively, led to a market tumble. Major automakers like General Motors and Ford saw share prices decline, while Tesla’s stock rose. Trump plans to impose reciprocal tariffs on countries with tariffs on U.S. imports. Investors are also awaiting the February PCE reading for economic health insights.

In economic news, U.S. GDP grew 2.4% in Q4 2024, slower than the previous quarter. Jobless claims decreased to 224,000, with continuing claims at 1,856,000. Pending home sales increased by 2% in February but fell by 3.6% year-over-year. The Fed’s preferred inflation gauge, the PCE reading, is anticipated for a clearer economic picture.



Read more at Nasdaq: Stock Market News For Mar 28, 2025