In just 48 hours since Trump’s announcement, there has been a tsunami of financial chaos for the very rich and small 401k plans.
“A sharp rise in trade-war intensity sent Wall Street spiraling Friday, pushing the Nasdaq into a bear market denoting a 20% decline from its peak. China's decision to apply a 34% levy to all imported goods from the U.S. next Thursday, after President Trump's tariffs go into effect, rattled markets in part because it further deflated hopes that a global settlement could be reached soon,” according to the Wall Street Journal. “Further hitting sentiment, Fed Chair Jerome Powell said the U.S. economy was likely to face a period of higher prices and weaker growth than seemed possible a few weeks ago because of larger-than-anticipated tariff hikes.”
The S&P 500 Index declined to the lowest level in 11 months, slashing $5.4 trillion in market value in just two days.
Here is a breakdown of the stocks of the largest RI publicly traded companies:
Textron’s stock fell from a Wednesday close of $72.47 to $60.72, a decrease of 16.2%
