U.S. stocks drop after another stunning day of reversals as uncertainty reigns about Trump’s tariffs

President Donald Trump is displayed on a television on the floor at the New York Stock Exchange in New York.
| Photo Credit: AP

U.S. stocks dropped after a second day of stunning reversals. The S&P 500 fell 1.6 per cent on Tuesday (April 8, 2025) after wiping out an early gain of 4.1 per cent, which had it on track for its best day in years. That brought the index nearly 19 per cent below its record set in February.

The Dow Jones Industrial Average dropped 320 points after giving up an earlier surge of 1,460, while the Nasdaq composite lost 2.1 per cent.

Uncertainty is still high about what President Donald Trump will do with his trade war. The latest set of tariffs, including a massive 104 per cent levy on Chinese imports, are scheduled to kick in after midnight.