...on reports that about 70 countries were calling the White House to work out a deal to lower tariffs. President Trump posted on Truth Social that he had a “great call” with the president of South Korea, and added that he was “waiting” for a call from China.
When those deals failed to materialize by mid-afternoon, stocks started to see the writing on the wall. The rally lost momentum as the Dow dropped over 700 points from high to low, the Nasdaq plunged into the red, and the S&P 500 closed under 5,000 for the first time in a year.
Oil fell below $60 a barrel for the first time since 2021 as traders came to terms with the possibility of 104% tariffs against China going into place at midnight tonight.
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