On Wednesday, the Nasdaq Composite rose due to a soft inflation report easing concerns about the economy. The tech-heavy benchmark added 1.22%, closing at 17,648.45, while the S&P 500 gained 0.49% to end at 5,599.30. However, the Dow Jones Industrial Average slipped by 0.2%.
Despite the tech sector being down more than 3% for the week, technology shares bounced back on Wednesday, with companies like Nvidia, AMD, Meta Platforms, and Tesla seeing gains. The consumer price index showed a 0.2% increase for the month, resulting in an annual inflation rate of 2.8%, which was lower than expected.
President Trump’s steel and aluminum tariffs came into effect, leading to Canada imposing 25% retaliatory duties on more than $20 billion worth of U.S. goods and the EU planning counter-tariffs on $28.33 billion worth of U.S. imports. Concerns about escalating trade tensions and fears of a U.S. recession have led to a recent sell-off in the stock market.
The Dow, S&P 500, and Nasdaq have all dropped roughly 3% this week, with the S&P 500 briefly entering correction territory on Tuesday. Despite the recent market downturn, some experts believe that once the current uncertainties surrounding fiscal policies and trade tensions are resolved, there will be more positive news in the future.
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