Stocks fell Thursday afternoon as President Donald Trump’s pledge to temporarily exempt many Mexican imports from his 25% tariffs failed to deter a wider sell-off.
The S&P 500 was down as much as 2.1%, while the tech-heavy Nasdaq declined 2.8%. The Dow Jones Industrial Average fell approximately 500 points, or 1.4%.
The major averages have each lost more than 3% this week, with the broader S&P 500 having now erased the gains it accrued since Trump won November’s election. That index is off 6% from its all-time high in January, the month he took office.
Thursday’s action marks a reversal of a short-lived rally Wednesday following the Trump administration’s announcement that autos from America’s largest manufacturers would be exempted from the 25% tariffs he unveiled on Canada and Mexico.
Anyone with any sense (unless they’re significantly wealthy, playing the long game, buying on the low to sell on the high) would avoid buying for the foreseeable future, until the administration stops the insanity.
Anyone with money isn’t buying at all, they are shorting