US Stock Market Update: April 2, 2024

US Stock Market on April 2, 2024: Wall Street opened Wednesday on a negative note, experiencing broad losses as investors awaited significant announcements regarding trade tariffs from the Donald Trump administration. This day has been dubbed "Liberation Day for Americans," and the event titled "Make America Wealthy Again" is set to take place in the White House Rose Garden. Any tariffs announced during this event will take effect immediately.

The Dow Jones Industrial Average (DJIA) faced a decline of 360.3 points, translating to a decrease of 0.9 percent, settling at 41,629.7 shortly after the market opened. Meanwhile, the S&P 500 index plummeted by 61.6 points, or 1.1 percent, dipping to 5,571.5.

The technology-heavy Nasdaq Composite experienced a significant drop of 268.6 points (1.5 percent) to reach 17,181.3 within moments of the market opening.

Numerous sectors, including energy, materials, consumer staples, and technology, weighed heavily on the market indices. Notably, tech giants such as NVIDIA and Tesla were among the biggest laggards as trading commenced.

Tariff Announcement Time

Scheduled for 4 PM Eastern Time on Wednesday (1:30 AM Thursday in India), the announcement could carry significant implications for global trade.

The Importance of April 2 for Global Economies

April 2 is noteworthy not only for the United States but also for other economies impacted by these tariffs, including India, as the U.S. maintains trade agreements with over 20 countries. Thus, the tariff announcements are expected to have direct consequences for Indian businesses.

In recent weeks, concerns have arisen regarding potential aggressive trade actions from President Trump and the possible retaliatory measures from major trade partners. These factors have created an atmosphere of anxiety among investors, leading to cautious market behavior.

Market Performance on April 2:

As of 10:18 AM Eastern Time (7:48 PM in India), the main American indices were as follows:

• DJIA: down 64.6 points, or 0.2 percent, at 41,925.4
• S&P 500: down 10.8 points, or 0.2 percent, at 5,622.3
• Nasdaq Composite: down 46.4 points, or 0.3 percent, at 17,403.5
• Russell 2000: down 2.5 points, or 0.1 percent, at 2,009.8

Key Dow Jones Movers

At the last count, the majority of Dow Jones constituents were experiencing losses.

Stock	Price	Change (%)
NVIDIA Corp	108.8	-1.2
UnitedHealth Group Inc	518.5	-0.9
Merck & Co Inc	86.4	-0.9
Amgen Inc	304.5	-0.8
Travelers Companies Inc	262.5	-0.8
American Express Co	271.8	0.5
JPMorgan Chase & Co	245.3	0.7
Honeywell International Inc	215.0	0.7
Johnson & Johnson	155.2	1.3
Goldman Sachs Group Inc	556.8	1.5

Investors are keeping a close watch on the stock market amidst these developments. For further updates on market movements and stock performance, please continue to follow the news.

stocks, market, dow, trump, tariffs