By Angus Berwick and Hannah Erin Lang
Big shifts in U.S. trade policy are battering markets again.
The dollar weakened and stocks sank Thursday, reversing course after a Wednesday rally that followed a partial rollback of tariffs. Tech shares tumbled, and recession-fears continued to weigh on financial stocks.
Investors are unnerved by the day-to-day changes in the White House’s tariff policy, with delays and exemptions on the table. Stocks regained some ground in morning trading after Commerce Secretary Howard Lutnick said on CNBC that a one-month tariff reprieve could extend beyond just automakers. Shortly after, President Trump announced he would pull back some tariffs on Mexico.
But major indexes turned lower again in midday trading, with Nasdaq on pace to close in correction territory.
Canada’s leader, Justin Trudeau, said his officials are talking with U.S. counterparts about easing the tariff fallout on some sectors.
Overseas, the European Central Bank cut interest rates, as the euro zone grapples with tariff threats and the prospect of ramping up military spending.
In recent market action:
Major stock indexes fell. The Dow industrials and the S&P 500 dropped by more than 1%. The Nasdaq Composite fell more than 2%.
Global markets were mixed. The Stoxx Europe 600 was little changed. Asian indexes largely rose, with Hong Kong’s Hang Seng up 3.3%, driven by gains in Chinese tech stocks.
U.S. Treasury yields ticked higher, on pace to rise for a third straight session.
Bitcoin traded around $89,000.
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