US Stocks Lower on Trade Concerns
US stocks were lower on Thursday, with the S&P 500 and Nasdaq slipping 0.2%, while the Dow Jones fell more than 230 points, as renewed trade uncertainty weighed on investor sentiment.
Market jitters were sparked after President Trump announced plans to send formal letters to key trading partners within the next one to two weeks, detailing unilateral tariff measures intended to pressure countries into trade agreements. The announcement comes ahead of the expiration of the current 90-day pause on reciprocal tariffs next month.
At the same time, President Trump claimed that the US had reached a great deal with China. On the economic front, producer price data came in below expectations, reinforcing the view that inflationary pressures linked to tariffs have yet to take hold.
Meanwhile, initial jobless claims came in slightly above forecasts. Sector-wise, energy, financials, industrials, and communication services led the declines, while utilities outperformed.
Source : Trading Economics