On Tuesday, the Dow Jones Industrial Average ended the day with a loss of 473 points as fears grew that the U.S. and China would not resolve their differences on trade.The Dow hit its lowest level since January, closing at 25,966. At its low of the day, the Dow had plunged by as much as 648 points. The S&P 500 finished the day down 1.7 percent, and the Nasdaq Composite Index dropped 1.9 percent.Tech stocks took the heaviest blows in the war between the world’s two largest economies.
Wall Street’s top investment banks have started to prepare clients for a “worst-case scenario,” with all banks predicting steeper losses to come.
Tensions began on Sunday after President Donald Trump tweeted that he would slap tariffs on almost all imported goods from China as of Friday. Markets fell across the globe in response, with the Dow slipping by 471 points.