Stock markets highlights: US market closes lower after Trump's latest tariff

Financial technology companies like Robinhood and buy now, pay later provider Affirm have been caught in the whirlwind of President Donald Trump's sweeping tariffs, sending shares sharply downward amid fears about worsening consumer finances, Reuters reported.

Global markets have been battered since Trump last week introduced a new baseline 10% U.S. tariff on goods from all economies.

US President Donald Trump said Monday the European Union's proposal for an exemption from tariffs on industrial products, including cars, is not enough to account for the transatlantic trade deficit, AFP reported.

"The European Union has been very, very bad to us, they don't take our cars, like Japan in that sense, they don't take our agricultural product. They don't take anything practically," Trump told reporters at the White House.

Most major stock indexes ended a turbulent Monday lower as US President Donald Trump showed no sign of easing up on his global trade war, while US Treasury yields rebounded.

The European Union proposed counter-tariffs on Monday, while Trump threatened to add another 50% duty on U.S. imports from China on Wednesday if it did not withdraw its 34% retaliatory tariffs from last week.

US stocks careened after President Donald Trump threatened to crank his tariffs higher on Monday, AP reported.

The S&P 500 was down 0.8% in late trading, but only after a day of heart-racing reversals as battered financial markets try to figure out what Trump’s ultimate goal is for his trade war.

White House economic adviser Stephen Miran on Monday encouraged countries hoping to escape high reciprocal US tariff rates to make offers to President Donald Trump, saying the president would welcome moves to lower barriers to US exports.

India’s actual tariffs on imports from the US were not high, Commerce Minister Piyush Goyal said on Monday, reported Bloomberg.

New Delhi’s high tariffs are largely aimed at unfair trade practices of other nations, Goyal said at the India Global Forum in Mumbai.

The European Commission proposed counter-tariffs of 25% on a range of U.S. goods on Monday in response to President Donald Trump's tariffs on steel and aluminium, a document seen by Reuters showed.

The tariffs on some goods will come into effect May 16 and other later in the year, on December 1, the document said.

The White House on Monday rejected as “false” reports that Donald Trump was mulling a 90-day halt to tariffs on all nations except China.

Reuters, citing a CNBC story, reported that White House Economic Council Director Kevin Hassett had stated that Trump was thinking of pausing the imposition of his tariffs on all nations, except China, for three months. READ FULL STORY

Stock market crash live: The S&P 500 was down 1.4% in midday trading while the Dow Jones Industrial Average was down 744 points, or 1.9%, as of noon local time, and the Nasdaq composite was 1.1% lower.

Stock market crash live: The US’s S&P 500 had major swings on Monday. The index shot down by as much as 3.8% shortly after markets opened, before swinging sharply higher, peaking at about 2%, not long after.

The index then returned to negative territory, as the value slid by about 2% about an hour after opening.

Stock market crash live: US Treasuries weakened in a volatile trading session on Monday, with yields across all maturities briefly higher by at least 15 basis points.

Stock market crash live: The S and P 500 was down 3.8 per cent in early trading, with the last week marking its worst performance since the onset of COVID in March 2020.

Markets have been heading towards bear territory, since April 2. In the two days after Trump's tariff announcement, more than $5 trillion were wiped off the value of all US stocks.

Stock market crash live: US markets have also suffered, opening lower than usual, as Trump's tariffs cause a global slowdown.

The Dow fell 1,200 points, or 3.2%. The broader S&P 500 was 3.4% lower. The Nasdaq Composite also slid 3.96%.

Stock market crash live: The sectoral Sensex for Energy has decreased by 2.73% after the market crashed on Monday. The BSE Energy went down by 283 points, settling at 10,119.29, with only Aegis Logistics Limited in green.

Stock market crash live: As global oil prices fall, the BSE Oil and Gas on Monday was down by 681 points, settling at 23,549.59.

Stock market crash live: As the Sensex crashed today, Hindustan Unilever remained in the green, increasing by 5.70 points.

The Sensex closed 2,226.79 points in the red or 2.95 per cent down, reaching 73,137.90.

Stock market crash live: The Nifty closed 742.85 points in the red or 3.24 per cent down, reaching 22,161.60.

Top Losers:

1) Trent was down by 14.70%, closing at ₹4,745.05.

2) JSW Steel was down by 7.53%, closing at ₹930.

3) Tata Steel was down by 7.26%, closing at ₹130.20.

4) Hindalco was down by 5.92%, closing at ₹564.45.

5) Tata Motors was down by 5.34%, closing at ₹581.10.

Stock in the green

Only two of the Nifty 50 stocks were in the green. They Include Hindustan Unilever which was up by 0.24%, reaching 2,250.00 and Zomato, which was up by 0.22%, reaching ₹211.

Stock market crash live: Bajaj Broking Research wrote in its market close commentary that “the broader market, represented by mid and smallcap 100 indices also showcased bearish trends with losses of over 3.5% each” and that “along with the development on US tariff policies, market participant will also keep a close eye on the RBI monetary policy outcome and resumption of Q4FY25 earnings season in the current week.”

Stock market crash live: Among the broader Nifty indices, the following ones fell the most:

1) Nifty Microcap 250 was down by 4.33%, closing at ₹19,549.90.

2) Nifty Smallcap 250 was down by 3.99%, closing at ₹14,190.20.

3) Nifty Smallcap 100 was down by 3.88%, closing at ₹15,067.90.

4) Nifty Midsmallcap 400 was down by 3.73%, closing at ₹16,633.35.

5) Nifty Midcap 100 was down by 3.63%, closing at ₹48,809.45.

Stock market crash live: Among the Nifty sectoral indices, the following ones fell the most:

1) Nifty Metal was down by 6.75%, closing at ₹7,846.35.

2) Nifty Realty was down by 5.69%, closing at ₹776.20.

3) Nifty Media was down by 3.94%, closing at ₹1,429.90.

4) Nifty Auto was down by 3.78%, closing at ₹19,815.55.

5) Nifty Midsmall IT & Telecom was down by 3.75%, closing at ₹8,248.15.

Stock market crash live: The Sensex closed 2,226.79 points in the red or 2.95 per cent down, reaching 73,137.90.

Top Losers:

1) Tata Steel was down by 7.16%, closing at ₹130.40.

2) Tata Motors was down by 5.35%, closing at ₹581.

3) Larsen & Toubro was down by 5.21%, closing at ₹3,089.30.

4) Kotak Mahindra Bank was down by 4.33%, closing at ₹2,040.50.

5) Axis Bank was down by 3.42%, closing at ₹1,052.25.

Stock in the green:

Zomato was the only stock in the green, closing up by 0.17%, at ₹211.

Stock market crash live: Closing Bell | The Sensex closed 2,226.79 points in the red or 2.95 per cent down, reaching 73,137.90, while the Nifty was down by 742.85 points or 3.24 per cent in the red, closing at 22,161.60.

Stock market crash live: The Nifty Meta index was down by 6.83%, reaching 7,840.15. It was the sector which fell the most today.

Stock market crash live: With just a little under 15 minutes for the stock market to close, the Sensex eased its losses a bit, being 2222.73 points in the red or 2.95 per cent down, reaching 73,141.96, while the Nifty was down by 753.20 points or 3.29 per cent in the red, reaching 22,151.25.

Stock market crash live: The Sensex was down by 2,614.30 points or 3.47 per cent, reaching 72,750.39. The Nifty meanwhile was down by 858.05 points or 3.75 per cent in the red, reaching 22,046.40.