Wall Street Falls Amid Concerns Over Trump’s Tariff Plans
GameStop soared 11.2% after announcing it would add Bitcoin to its treasury reserves. The company also reported strong earnings.
The White House announced that President Donald Trump will hold a press conference Wednesday afternoon regarding tariffs on imported automobiles.
Wall Street’s three major indices closed with losses as investors exercised caution ahead of the tariff announcement.
The Dow Jones Industrial Average, which tracks 30 major companies, declined 0.31% to 42,454.79 points.
The S&P 500, representing the most valuable companies, dropped 1.12% to 5,712.20 points.
The Nasdaq Composite, heavy on tech stocks, fell 2.04% to 17,899.02 points.
Trump previously suggested that the new tariffs could reach 25%, impacting automakers in Mexico, Canada, Germany, Japan, and South Korea.
Auto Sector Hit Hard
The announcement triggered a sell-off in automotive stocks:
Tesla (-5.58%) led the declines.
Stellantis (-3.55%) and General Motors (-3.12%) also saw notable losses.
Ford (+0.10%) managed to close slightly higher after recovering from steep intraday losses.
Tech and Communications Sectors Lead Declines
Losses were widespread across sectors, with technology (-2.46%) and communications (-2.04%) taking the biggest hits.
Nvidia (-5.74%) and Alphabet (Google) (-3.2%) were among the worst performers.
In the Dow Jones, Salesforce (-2.64%) and Amazon (-2.25%) followed Nvidia lower.
GameStop Surges on Bitcoin Announcement
GameStop soared 11.2% after announcing it would add Bitcoin to its treasury reserves. The company also reported strong quarterly earnings.
The retailer’s board unanimously approved the decision to allocate a portion of its cash, future debt, or equity issuance to Bitcoin, though it has yet to disclose an investment cap.
Biggest Gainers and Losers
Top Gainers:
Worthington (+23.8%)
ENN Energy (+12.3%)
GameStop (+11.2%)
BRP (+7.3%)
Cintas (+6.2%)
Biggest Decliners:
Root (-12.2%)
Core Scientific (-11.9%)
Pony AI (-11.1%)
Vertiv (-11.1%)
Aurora Innovation (-11%)
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