Stocks On Wall Street Deepen Losses as Investors See No End In Sight for Tariff War

Barry Adams
11 Mar, 2025
New York City

Stocks and market indexes extended losses amid growing worries about the economic mismanagement by the White House. 

The S&P 500 index declined as much as 1% and the Nasdaq Composite decreased 0.6%, and the yield on 10-year U.S. Treasury notes hovered near 4.20%. 

The tech-heavy Nasdaq Composite extended losses to 10% from the peak in mid-February, amid sharp losses in artificial intelligence-related stocks. 

Nvidia, Broadcom, Intel, AMD, Qualcomm, and Dell Technologies lost between 20% and 40% over the last three weeks of trading after the Trump administration stepped up the tariff war with China. 

The latest market decline came after Donald Trump announced additional tariffs of 25% on steel and aluminum shipments from Canada. 

The weaponization of tariffs by the Trump administration has unnerved investors and stoked speculation that higher prices for consumers and businesses will push the U.S. economy into a recession. 

Benchmark indexes have suffered steep losses after the Trump administration assumed office in late January, following government layoffs, immigration sweeps, and tariffs on China, Mexico, and Canada. 

Donald Trump took over the U.S. economy, which was the envy of the world for the last three years for its resilient growth, and appears to push the economy to a recession with the use of an import tax on about $1.4 trillion of shipments from three leading key trade partners.

 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 1% to 5,557.96, the Nasdaq Composite edged down 0.9% to 17,318.62, and the Russell 2000 index was down 0.1% to 2,016.66.

The yield on 2-year Treasury notes edged higher to 3.90%, 10-year Treasury notes increased to 4.22%, and 30-year Treasury bonds advanced to 4.55%.

WTI crude oil increased $0.67 to $66.70 a barrel, and natural gas prices edged lower by $0.03 to $4.46 a thermal unit.

Gold increased by $33.31 to $2,917.55 an ounce, and silver edged up by $0.74 to $32.75.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.37 to 103.47 and traded at a two-year high.

 

U.S. Stock Movers 

Asana Inc. plunged 28.9% to $11.96, and the work management software company reported a loss in the fiscal fourth quarter. 

Stock plunged nearly 30% after the company's sales outlook for the current quarter and fiscal year fell short of market expectations. 

Chief executive Dustin Moskovitz said he plans to retire from the company he cofounded in 2008. 

Delta Air Lines declined 8% to $46.35 after the international airline sharply lowered its current quarter revenue growth and earnings per share outlook. 

The company revised its revenue growth to range between 3% and 4% from between 7% and 9% and earnings per share to range between 30 cents and 50 cents from 70 cents to $1.0 in the previous estimate, respectively.

Oracle Corp. dropped 5.9% to $140.14, and the database developer reported higher revenue and earnings in its latest quarter but fell short of market expectations.

The database and cloud computing company lifted its quarterly dividend by 25% to 50 cents per share from 40 cents a year ago.

Kohl's Corp plunged 20% to $9.67, and the department store chain reported a 9.5% decrease in revenue in the fiscal fourth quarter. 

Moreover, the company's sales outlook for the current year fell short of market expectations, and the retailer guided earnings per share for the full year to range between 10 cents and 60 cents.