Global Markets Shudder as Tariffs Loom

Global markets experienced a downturn as U.S. stocks fell and the dollar strengthened. Investors are anxious over impending tariffs from President Trump, with technology stocks taking a significant hit. Meanwhile, European markets fare better, buoyed by German growth hopes, though caution remains widespread.

On Wednesday, global stocks fell for the first time in three sessions, and the U.S. dollar resumed its upward trajectory as investors awaited President Donald Trump's upcoming tariff announcement. The president was set to address the media at a 4 p.m. EDT conference, confirming that automobile tariffs would affect cars.

Wall Street endured a sharp downturn with major U.S. indexes breaking a three-session gain streak, led by a 2.46% drop in the technology sector. The declines come amid growing concerns about the potential slowdown in the global economy due to tariffs and their impact on corporate profits.

The Dow Jones dropped 132.71 points to 42,454.79, while the S&P 500 and Nasdaq Composite also experienced significant losses as durable goods orders unexpectedly increased. The global tariff tensions, especially Trump's announcement on Venezuela oil tariffs, contributed to investor angst as markets brace for further policy changes.

(With inputs from agencies.)