United States benchmark averages retreated on Wednesday (Thursday AEDT) as renewed concerns over trade policy pressured equities, particularly in the technology sector.
The Dow Jones Industrial Average dropped 132.7 points, or 0.3%, finishing at 42,454.8, the S&P 500 fell 1.1% to close at 5,712.2, while the Nasdaq Composite shed 2% to settle at 17,899.0.
Tech giants saw notable declines, with Nvidia down 5.7%, Meta Platforms falling 2.5%, Amazon dipping 2.2%, Alphabet losing 3.2%, and Tesla sliding 5.6%.
The broader market reached session lows after the White House announced that former President Donald Trump would unveil new tariffs on auto imports during a scheduled press conference. The news weighed on automakers, with General Motors and Stellantis tumbling over 3% each.
The market reaction comes amid growing anticipation of further trade restrictions. Trump indicated on Tuesday that upcoming tariffs may be "more lenient than reciprocal", suggesting a softer approach than initially expected.
Reports earlier in the week also hinted at a narrower scope for the duties and potential delays for sector-specific levies.
On the bond markets, the 10-year and 2-year Treasury yields lifted 0.9% and 0.1% to 4.354% and 4.019%, respectively.
