US Stock Market Closing Bell (April 2), Donald Trump Reciprocal Tariffs: Wall Street benchmarks settled firmly in green territory after US President Donald Trump announced America’s reciprocal tariffs on its trade partners including India. Some analysts say that investors are cheering somewhat easing uncertainties surrounding the imminent April 2 tariff announcements, at least for now, though other caution that Wall Street’s gains could be short-lived
The Dow Jones gained 235.4 points, or 0.6 per cent, for the day to settle at 42,225.3, while the S&P 500, the other main American blue-chip index, rose 37.9 points, or 0.7 per cent, to 5,671 while the US technology stocks-heavy Nasdaq Composite settled just above the 17,600 mark, up 151.2 points, or 0.9 per cent, for the day at 17,601.1.
Consumer discretionary, industrial, financial and technology shares enjoyed strong buying interest, pushing the three indices higher.
Trump announced a 10 per cent baseline tariff on all imports and a 25 per cent tariff on automobile imports. “None of our companies are allowed to go into other countries… In many cases, the friend is worse than the foe (as trade partners),” said Trump, as he officially released a list of country-specific tariffs that mentioned a 26 per cent duty on India.
Trump described his tariffs as “kind reciprocal tariffs”.
“April 2 will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed… The day that we began to make America wealthy again,” said the 47th US President.
ALSO READ: Donald Trump Reciprocal Tariffs | US President calls India a ‘very, very tough’ (trade partner)
Among index heavyweights, Goldman Sachs, Amazon and Tesla rose about 2-5 per cent each, while Meta, Coca-Cola and McDonald’s fell around half a per cent each.
For weeks, growing concerns about the US President’s harsh action on the trade front, and retaliatory action by America’s major trade partners, coming in the way of economic growth had kept investors on the back foot. Wednesday’s announcements offered clarity on that front, taking away some of investors’ concerns about the possible impact of an all-out trade war on the global economy.
ALSO READ: Donald Trump announces 10% baseline tariffs on all imports, calls India ‘very, very tough’
US Stock Market on Wednesday, April 2 | Here is how Dow Jones, S&P 500 & Nasdaq fared in intraday trade
The DJIA opened 253.9 points, or 0.6 per cent, lower and gyrated in a broad range of 752.6 points around the flatline before settling at 42,225.3 for the day, keeping much of its intraday gains. Similarly, the S&P 500 seesawed in a 123.8-point range, between 5,571.5 and 5,695.3, before calling it a day at 5,671.
Nasdaq staged deeper intraday action, moving in a range of more than 500 points between 17,181.3 and 17,716.5.
ALSO READ: New York-based bourse operator Nasdaq plans 24-hour round the clock trading
Top Dow Jones Gainers vs Losers
Nineteen Dow constituents finished the session stronger.
|
Stock |
CMP |
Change (%) |
|
Goldman Sachs Group Inc |
563.1 |
2.7 |
|
Amazon.com Inc |
196.0 |
2.0 |
|
American Express Co |
275.3 |
1.8 |
|
Home Depot Inc |
370.9 |
1.5 |
|
Johnson & Johnson |
155.4 |
1.4 |
|
Procter & Gamble Co |
169.5 |
-0.6 |
|
McDonald’s Corp |
311.6 |
-0.7 |
|
Coca-Cola Co |
71.3 |
-0.8 |
|
Chevron Corp |
166.5 |
-1.2 |
|
Verizon Communications Inc |
44.7 |
-1.4 |
US Tech Stocks | Top Nasdaq Gainers & Losers
Here’s how some of the prominent US tech counters fared:
|
Stock |
CMP |
Change (%) |
|
Tesla Inc |
282.8 |
5.3 |
|
DoorDash Inc |
189.3 |
3.7 |
|
Constellation Energy Corp |
214.5 |
3.6 |
|
Atlassian Corp |
224.0 |
3.5 |
|
Warner Bros Discovery Inc |
10.6 |
3.4 |
|
Amazon.com Inc |
196.0 |
2.0 |
|
Netflix Inc |
935.5 |
0.8 |
|
Apple Inc |
223.9 |
0.3 |
|
NVIDIA Corp |
110.4 |
0.3 |
|
Alphabet Class C |
158.9 |
0.0 |
|
Alphabet Class A |
157.0 |
0.0 |
|
Intel Corp |
22.0 |
-0.3 |
|
O’Reilly Automotive Inc |
1417.0 |
-1.0 |
|
Trade Desk Inc |
56.3 |
-1.4 |
|
T-Mobile US Inc |
264.6 |
-1.5 |
|
Mondelez International Inc |
66.1 |
-2.3 |
|
PDD Holdings Inc |
119.1 |
-2.6 |
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