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Stock futures were down sharply again on Wednesday after China announced retaliatory tariffs on U.S. goods in the latest escalation of global trade tensions.
Futures for the Dow Jones Industrials cratered 786 points, or 2.1%, to 37,076.
Futures for the S&P 500 index fell 104.25 points, or 2.1%, to 4,916.
Futures for the tech-heavy NASDAQ were pummeled 308.75 points, or 1.8%, to 16,935.
Over the course of four days, the Dow has lost more than 4,500 points, while the S&P 500 has sustained a 12% loss. The NASDAQ is down more than 13% in that period.
China announced it will impose an 84% levy on U.S. goods starting Thursday. This comes after U.S. tariffs of 104% on Chinese imports took effect shortly after midnight.
Apple shares declined as much as 2% in the premarket before paring that decline. Ford Motor also fell more than 2%, while General Motors shed 1%.
U.S. tariffs on imports from other countries also took effect. Canada reconfirmed Tuesday plans to put into effect 25% retaliatory tariffs on U.S.-made vehicles. This includes vehicles that aren’t compliant with the United States-Mexico-Canada Agreement, in addition to non-Canadian and non-Mexican content of USMCA-compliant fully assembled vehicles brought into Canada from the U.S.
In Japan, the Nikkei 225 index plunged 3.9% Wednesday, while in Hong Kong, the Hang Seng lost 0.7%.
Oil prices stumbled $3.95 to $55.63 U.S. a barrel.
Gold prices gained $89.90 to $3,080.10 U.S. an ounce.