Biggest US tech sell-off for over a decade reflects impatience over AI profits
Thursday, 25 July 2024 The Nasdaq and S&P 500 have suffered their worst single-day decline since 2022 - led by underwhelming financial results from Tesla and Alphabet, the owner of Google.
Trump’s sudden 90-day tariff pause sparked market chaos and a massive tech rebound. Elon Musk’s Tesla surged 22%, boosting his net worth by $36 billion. Silicon Valley allies, including Mark Zuckerberg, gained big—while Nancy Pelosi’s portfolio dropped $7 million. A Trump Truth Social post urging followers to “buy” right before the announcement fueled allegations of insider advantage and market manipulation. While the S&P 500 recovered $4 trillion in value, analysts remain skeptical about long-term stability amid ongoing China tensions.
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China-US Tariff War: President Donald Trump has declared a 90-day pause on all new "reciprocal" tariffs, excluding China, which now faces a 125% levy. The decision triggered a massive rally on Wall Street, with the S&P 500 seeing its best day since 2008. Trump emphasized the need to avoid hurting friendly nations. However, economists remain cautious—Goldman Sachs warns of a 45% chance of a U.S. recession. Despite market optimism, analysts suggest the pause may not fully counteract the economic turbulence sparked by the ongoing global trade war.
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Wall Street plunged as Trump's tariff war sent global markets into turmoil. The S&P 500 saw its worst drop since 2020, while Trump declared the U.S. the "sumo wrestler" of world trade. Investors panic as fears of economic slowdown rise. Will the U.S. economy withstand the pressure? Stay tuned for updates.
#US #StockMarketCrash #TrumpTariffs #TradeWar #USAEconomy
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Musk vows to step back from DOGE job and put more time into Tesla
Elon Musk says he’ll be spending less time in Washington slashing government costs and more time running Tesla after his electric vehicle company reported a big drop in profits.
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