Trump’s Greenland tariff threats rattle global stock markets
Global News
Stocks slumped in afternoon trading on Wall Street Tuesday as tensions escalate over U.S. President Donald Trump's attempts to assert American control over Greenland.
Stocks slumped in afternoon trading on Wall Street Tuesday after U.S. President Donald Trump threatened to hit eight NATO members with new tariffs as tensions escalate over his attempts to assert American control over Greenland.
The S&P 500 fell 1.2 per cent, pulling back further from the record it set early last week. It was the first time U.S. markets could react to the escalation from Trump, as they were closed on Monday for Martin Luther King Jr. Day.
The Dow Jones Industrial Average fell 526 points, or 1.1 per cent, as of 12:15 p.m. Eastern. The Nasdaq composite slumped 1.5 per cent.
Meanwhile, the Toronto Stock Exchange was down about half a per cent.
The losses were widespread and led by technology stocks, many of which already have more influence over the direction of the market because of outsized values. Retailers, banks and industrial companies also fell sharply.
Nvidia, one of the most valuable companies in the world, plunged 3.6 per cent. Amazon fell 2.2 per cent, JPMorgan Chase fell 1.2 per cent, and Caterpillar lost two per cent.
The energy sector eked out gains as the price of U.S. crude oil rose 1.9 per cent to USD$60.55 per barrel. The price of Brent crude, the international standard, rose 1.6 per cent to $64.95. Exxon Mobil rose one per cent.
European markets and markets in Asia fell.
