The New York Stock Exchange closed lower amid weakening investor sentiment ahead of President Donald Trump's announcement on automobile tariffs.
On the 26th (local time), the Dow Jones Industrial Average, a group of blue-chip stocks on the New York Stock Exchange (NYSE), finished trading at 42,454.79, down 132.71 points (0.31%) from the previous session. The large-cap benchmark Standard and Poor's (S&P) 500 index closed at 5,712.20, down 64.45 points (1.12%), while the Nasdaq Composite Index ended the day at 17,899.01, down 372.84 points (2.04%).
The three major indexes, which had risen for three consecutive transactions until the previous day, reversed course and fell simultaneously. In particular, the technology-heavy Nasdaq index dropped more than 2%, entering the correction territory (more than 10% below the peak) again.
President Trump hinted at tariffs on automobiles during trading and held a press conference immediately after the market closed, stating, "A 25% tariff will be imposed on foreign cars imported into the U.S." This marks the third item-specific tariff imposed since his inauguration, following those on steel and aluminum that took effect on the 12th.
The large tech group "Magnificent Seven" (M7) closed lower across the board. Concerns that China's new environmental regulations could impact NVIDIA's sales in China led to a 5.74% drop in NVIDIA's stock price.
Other stocks also saw declines, with Microsoft down 1.31%, Apple down 0.99%, Alphabet (Google's parent company) down 3.22%, Amazon down 2.23%, and Meta (Facebook's parent company) down 2.45%.