The New York Stock Exchange started the last transaction day of March's fourth week with a sharp decline.
Concerns over the impact of tariffs, coupled with disappointment regarding new indicators, weighed down the market once again.
As the key price index monitored by the Federal Reserve Bank (Fed) indicated risks of stagflation (rising prices + economic recession), the Consumer Confidence Index for March recorded its lowest level in 28 months since November 2022, leaving the market in a 'double whammy' situation.
The potential impact of U.S. President Donald Trump's massive tariff plan on the global economy is a major concern.
As of 10:30 a.m. local time on the 28th, the blue-chip index Dow Jones Industrial Average was down 452.69 points (1.07%) at 41,847.01 on the New York Stock Exchange (NYSE).
The large-cap benchmark Standard & Poor's (S&P) 500 Index was down 74.87 points (1.32%) at 5,618.44, while the tech-heavy Nasdaq Composite Index fell 323.85 points (1.82%) to 17,480.19.
The three major indices closed lower the previous day. After a bounce-back over three consecutive transactions, they saw a downward trend for two consecutive transactions. Investors showed fatigue over President Trump's unpredictable tariff actions, and the Nasdaq Index delved further into correction territory (down more than 10% from its peak).
Currently, the Nasdaq Index has retraced about 13.8% from its peak recorded on December 16 of last year (20,204.58).
On this day, the U.S. Department of Commerce announced that the February Personal Consumption Expenditures (PCE) price index rose 0.3% from the previous month and 2.5% from the same month last year, meeting market expectations set by Yonhap Infomax.
European stock markets are also showing a downward trend.
The pan-European STOXX 600 Index fell by 0.97%, the German DAX Index by 1.23%, and the British FTSE Index by 0.25%.
International oil prices are also on a downward trend. The price of West Texas Intermediate (WTI) crude for May delivery fell 0.69% to $69.44 per barrel compared to the previous session, while the global benchmark Brent crude for May delivery traded at $73.58 per barrel, down 0.61% from the previous session.