Stocks Stumble Amid Trade War Fears and Record Gold Surge

Global stock markets experienced a downturn as trade war concerns heightened following U.S. tariffs on auto imports. Wall Street's major indexes fell for a third consecutive session, while safe-haven gold prices reached historic highs. Communication services, technology, and financial equities suffered significant losses as economic uncertainty loomed.

Global equity markets took a hit as the looming threat of a U.S.-induced trade war exacerbated investor apprehensions. Safe-haven assets, particularly gold, surged to an unprecedented record high. U.S. President Donald Trump's 25% tariffs on auto imports, alongside potential broader levies, stoked fears of an economic downturn.

In the United States, all primary stock indexes recorded losses for the third consecutive session. The technology, consumer discretionary, and financial sectors bore the brunt of the downslide, while utilities managed to buck the trend. The European STOXX 600 index declined by 0.77%, driven by a substantial drop in the automotive sector.

State Street's Michael Metcalfe remarked on the unexpectedly aggressive nature of the U.S. car tariffs, with no good news for neighboring nations like Canada and Mexico. As investors gravitated towards safer assets, gold prices soared, achieving their most significant quarterly performance since 1986, reaching $3,086.70 per ounce.

(With inputs from agencies.)