US stocks rout deepens on tariffs as Nasdaq, S&P fall

The sell-off in Wall Street stocks deepened in mid-morning trading Thursday, with the S&P 500 losing more than 4% following US President Donald Trump's sweeping tariff announcement.

- AFP

NEW YORK:

Trump's broadly crafted new levies battered leading names in banking, technology, apparel and most other areas. Among the S&P 500's 11 sectors, only consumer staples was solidly in positive territory, with the other 10 in the red or nearly flat.

Near 1510 GMT, the S&P 500 stood at 5,420.15, down 4.4 percent.

The Dow Jones Industrial Average dropped 3.7% to 40,644.74, while the tech-rich Nasdaq Composite Index plunged 5.7% to 16,591.55.

The rout follows Trump's "Liberation Day" tariff announcement in which he unveiled a broad swath of new levies affecting all US trading partners.