S&P 500 Drops Most in Six Months on Trump Tariff Spat With China | Closing Bell

- A months-long calm on Wall Street came to an end Friday when US stocks suffered their worst selloff in six months after President Donald Trump threatened “a massive increase of tariffs on Chinese products” imported into the US. 
The S&P 500 Index wiped out its weekly advance after tumbling 2.7%, its worst day since April 10, when the tariff-induced selloff rattled financial markets. The Nasdaq 100 Index sank 3.5%. A basket of the so-called Magnificent Seven companies plunged 3.8%, led by losses in Tesla Inc. and Amazon.com Inc. while Nvidia Corp. slid nearly 5%.
Wall Street’s chief fear gauge, the Cboe Volatility Index, or VIX, topped 20 for the first time since April — a level that typically signals mounting market stress.
Risk-on sentiment stumbled after Trump rekindled fears about an escalating trade war by saying he saw “no reason” to meet Chinese President Xi Jinping, citing recent “hostile” export controls on rare-earth minerals. Trump added that one countermeasure the US is considering “is a massive increase of Tariffs on Chinese products coming into the United States of America,” adding that “There are many other countermeasures that are, likewise, under serious consideration.” Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
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