From Yahoo Finance: 2025-04-10 09:30:00

US stocks sank on Thursday, with the S&P 500 dropping over 2% and the Nasdaq tumbling 2.9%. The Dow Jones fell over 600 points. The 10-year Treasury yield fell to around 4.35%. Concerns mounted over Trump’s trade offensive against China, with tariffs escalating to 125% on imports.

After Trump’s pause on tariff hikes, Wall Street now weighs the direct confrontation with China. Beijing raised tariffs on US goods to 84% in retaliation. The US imposed a 125% levy. Analysts warn of risks to the economy, with lingering effects from the 10% baseline tariff and steel and aluminum duties.

Stocks retreated on Thursday, giving back gains from the prior day’s rally. The S&P 500 sank 2%, the Nasdaq tumbled 2.4%, and the Dow fell over 500 points. Trump’s 90-day tariff pause on trading partners still keeps a 10% tariff and raises levies against China to 125%.

Inflation pressures eased in March, with consumer prices rising 2.5% annually, below expectations. Core prices climbed 0.1% from February. Headline prices increased 2.4% year-over-year, lower than forecasts. The index fell 0.1% from the previous month, beating estimates of a 0.1% rise.

US Steel stock fell 10% in premarket trading after Trump expressed opposition to Nippon Steel’s bid for the company. Shares traded below the offer price. Trump’s remarks come after a national security panel review of the deal. The outcome remains uncertain.

Oil prices dropped as Trump’s trade war with China escalated, despite a 90-day tariff pause. Uncertainty looms over global commodity prices. Asian markets rebounded after Trump’s tariff pause, with Japanese and South Korean indexes seeing their biggest gains since August.

Read more: Dow, S&P 500, Nasdaq slide as tariff-pause euphoria gets a reality check