Latest updates: Stocks make wild swings as markets try to assess potential damage from Trump's trade war
Traders work on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. Credit: AP
Wall Street is careening through a shocking day of trading, going from an early drop that dragged it 20% below its record to a sudden rise, only to revert to losses.
Stocks end modestly lower after reeling from Trump's latest threats to escalate his tariff fight
Stocks ended another tumultuous day lower as markets reel from President Donald Trump’s latest threats to escalate his tariff fight. The S&P 500 sank 0.2% Monday. The Dow Jones Industrial Average fell 349 points, or 0.9%, and the Nasdaq composite rose 0.1%.
The Dow was earlier down as many as 1,700 points following even worse losses worldwide on worries that Trump’s tariffs could torpedo the global economy. It then surged to a gain after a rumor circulated that Trump may pause his tariffs. But the White House quickly called that fake news, and Trump then threatened to raise tariffs further on China.
Stocks go on a topsy-turvy ride as Trump doubles down on tariffs
A screen displays financial news as traders work on the floor at the New York Stock Exchange on April 3, 2025. Credit: Seth Wenig/AP Photo
U.S. stocks are swinging in a manic Monday after President Donald Trump doubled down on his tariffs, despite seeing how much Wall Street wants him to do the opposite.
The S&P 500 was up 0.3% in afternoon trading, coming off its worst week since COVID began crashing the global economy in March 2020. The index, which sits at the heart of many investors’ 401(k) accounts, has been flirting with a drop of 20% from its record set less than two months ago.
The Dow Jones Industrial Average was down 184 points, or 0.5%, as of 2:37 p.m. Eastern time, and the Nasdaq composite was 0.8% higher.
Bitcoin and other cryptocurrencies see prices fall amid global market turmoil
Donald Trump speaks at the Bitcoin 2024 Conference on July 27, 2024 in Nashville, Tenn. Credit: AP/Mark Humphrey
After holding relatively stable during last week’s global market turmoil, cryptocurrencies have joined the sell-off.
Bitcoin, the world’s most popular cryptocurrency dipped below $75,000 Monday morning before seeing a slight rebound.
Bitcoin’s prices haven’t been this low since just after President Donald Trump’s Election Day victory last year launched a bull run in crypto prices. Trump, whose tariff announcements led to massive stock sell offs, has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke $100,000 in December. Bitcoin has been on a relatively steady slide in price since Trump took office earlier this year.
Trump threatens more tariffs on China
WASHINGTON — President Trump threatens more tariffs on China if Beijing does not withdraw retaliatory measures, increasing trade war concerns.
Answering your stock market questions: What to know about Wall Street trading as Trump sticks with tariffs
Stocks fell sharply at the market open Monday morning, briefly recovered, but then continued the descent that started last week when President Donald Trump announced far-reaching tariffs on imported goods.
The Dow Jones Industrial Average dropped about 2.1%, the Nasdaq had fallen 1.4% and the S&P 500 was down 1.6% as of 10:45 a.m.
As Long Islanders weather the latest stock market turmoil, here are answers to some key questions:
Trump digs in his heels as global markets keep dropping over tariffs
President Donald Trump waves as he arrives at the White House on Marine One on Sunday. Credit: AP/Manuel Balce Ceneta
President Donald Trump remained defiant on Monday as global markets continued plunging and fears of a recession grew after his tariff announcement last week.
He said other countries had been “taking advantage of the Good OL’ USA!” in a post on Truth Social, his social media platform.
“Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country,” Trump wrote. “MAKE AMERICA GREAT AGAIN!”
Trump tariffs make Easter bittersweet for Swiss chocolatiers
Visitors taste different sorts of chocolate during the second International Salon des Chocolatiers et du Chocolat on Oct. 27, 2012 in Geneva, Switzerland. Credit: AP/Martial Trezzini
GENEVA — With the normally brisk Easter season around the corner, the mood in Switzerland’s chocolate business is bittersweet, thanks to high cacao prices and — now — the newly added U.S. tariffs on imports.
Many Swiss, from the government to chocolatiers to watchmakers and other businesses, are sensing “shock” over the tougher American position on trade, but many are also taking a wait-and-see stance.
At the Festichoc chocolate festival in Geneva over the weekend, the Trump administration tariffs announced last week were on many minds, though they seemed to do little to sour the mood on Switzerland’s most famous sweets.
Turkey sees opportunity as Trump's tariffs upset the global economic order
ISTANBUL — As the dust settled on President Donald Trump’s tariffs, business figures and economists in Turkey have begun to glimpse a silver lining to the economic storm clouds.
Turkey was hit with a baseline 10% tariff in Trump’s announcement last week, compared with higher tariffs for many other countries, raising the prospect that the world’s 17th largest economy could leverage an advantage from the tariff regime.
Finance Minister Mehmet Simsek said Monday that the country’s focus on domestic demand rather than exports would mean a more limited impact on the economy.
Trump and Netanyahu will meet on tariffs, the war in Gaza and more
President Donald Trump listens as Israel's Prime Minister Benjamin Netanyahu speaks during a news conference in the East Room of the White House on Feb. 4, 2025. Credit: AP/Evan Vucci
Israeli Prime Minister Benjamin Netanyahu will meet President Donald Trump in Washington on Monday, becoming the first foreign leader to visit Trump since he unleashed tariffs on countries around the world.
Whether Netanyahu’s visit succeeds in bringing down or eliminating Israel’s tariffs remains to be seen, but how it plays out could set the stage for how other world leaders try to address the new tariffs.
Netanyahu’s office has put the focus of his hastily organized Washington visit on the tariffs, while stressing that the two leaders will discuss major geopolitical issues including the war in Gaza, tensions with Iran, Israel-Turkey ties and the International Criminal Court, which issued an arrest warrant against the Israeli leader last year. Trump in February signed an executive order imposing sanctions on the ICC over its investigations of Israel.
China accuses U.S. of unilateralism, protectionism and economic bullying with tariffs
Pedestrian are reflected on a brokerage house's window as an electronic board displays shares trading index, in Beijing, Monday, April 7, 2025. Credit: AP/Andy Wong
BANGKOK — China on Monday accused the U.S. of unilateralism, protectionism and economic bullying with tariffs, while calling on representatives of American companies, including Tesla, to “take concrete actions” to resolve the issue.
Putting “America First” over international rules harms the stability of global production and the supply chain and seriously impacts the world's economic recovery, Ministry of Foreign Affairs spokesperson Lin Jian told reporters.
Last week, Trump put an additional 34% tariff on Chinese goods as part of “Liberation Day,” on top of two rounds of 10% tariffs already declared in February and March, which Trump said were due to Beijing’s role in the fentanyl crisis. China and other governments retaliated quickly. China announced its own 34% tariff rate on U.S. goods, mirroring Trump's tariff rate for China.
On Long Island, concerns about economy as stock markets sink, tariffs take hold
Mitchell O. Goldberg, president of Melville-based financial adviser ClientFirst Strategy, said, “Things are happening so quickly that investors haven’t had a chance to separate economic worries from stock market worries." Credit: Newsday/Howard Schnapp
A blizzard of bad news about tariffs, inflation and tumbling stock prices rattled many Long Islanders this week.
To wit: This week saw the S&P 500 have its worst day since the 2020 start of the COVID-19 pandemic, the world’s biggest economies appeared headed for a bare knuckle trade war, and Federal Reserve Chairman Jerome Powell said Friday that the new tariffs would likely lead to higher prices and slower growth.
He also said that “the economy is still in a good place,” citing solid growth, a balanced labor market and moderated inflation, but many Long Islanders, anxious about the cost of living, said in interviews that it didn’t feel that way.
Trump's tariffs prompt pushback in Congress
WASHINGTON — President Donald Trump’s sweeping global tariff plan — which has rattled Wall Street and sparked bipartisan backlash on Capitol Hill — is his latest push to act unilaterally on a consequential part of his second term agenda.
Trump declared the impact of foreign trade practices on the U.S. economy a national emergency when he signed his executive order Wednesday authorizing a new wave of tariffs on all imported goods. The declaration came after Trump declared a national emergency on the southern border in January to propel his mass deportation effort, and a national emergency in February surrounding drugs and fentanyl entering the U.S. United States to justify tariffs imposed on Canada and Mexico.
Looking back at the winter's big winners in HS sports In Episode 8 of "Sarra Sounds Off," Gregg Sarra and Newsday's high school sports team look back on the winter sports season, this year's winners and big surprises.
