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Wall Street tumbles as tariff whiplash and falling AI stocks drag Nasdaq 10% below its record

By STAN CHOE - Mar 06, 2025, 05:34 PM ET
Last Updated - Mar 06, 2025, 05:34 PM EST
Financial Markets Wall Street
FILE - An American flag is displayed on the New York Stock Exchange in New York, Monday, Feb. 24, 2025. (AP Photo/Seth Wenig, File)

Wall Street’s sell-off kicked back into gear after tariff whiplash and falling AI stocks dragged the market lower

NEW YORK (AP) — Wall Street’s sell-off kicked back into gear on Thursday, and a U.S. stock market rattled by the whiplash created by President Donald Trump’s tariffs and uncertainty about the economy fell sharply.

The S&P 500 tumbled 1.8% to resume its slide after a mini-recovery from the prior day clawed back some of its sharp drop over recent weeks. The Dow Jones Industrial Average dropped 427 points, or 1%, and the Nasdaq composite sank 2.6% to finish more than 10% below its record set in December.

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Stocks fell even though President Trump offered a one-month reprieve from his 25% tariffs on many goods imported from Mexico and Canada. That’s unlike the bounce stocks got the prior day from his giving a one-month exemption specifically for automakers.

All the moves keep hope alive that Trump may be using tariffs as just a tool for negotiations rather than as a permanent policy and that he may ultimately avoid a worst-case trade war that grinds down economies and sends inflation higher.

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