Dow sheds over 600 pts for straight second day

US stocks declined as global trade tensions intensified, with new tariffs on Canada and Mexico taking effect alongside an additional 10% tariff on Chinese goods.

At the close of trading on Tuesday, the Dow Jones Industrial Average dropped 1.55%, or 670 points, to 42,520 points, following a 649-point decline in the previous session.

The S&P 500 also moved lower, losing 1.2%, or 71 points, to close at 5,778 points. Meanwhile, the Nasdaq Composite posted a more modest decline of 0.35%, falling 65 points to finish at 18,285 points.

In Europe, the Stoxx Europe 600 index fell 2.15% to close at 551 points, with losses led by the energy, automotive, and technology sectors.

Among major European indices, the French CAC dropped 1.85% to 8,047 points. The British FTSE declined 1.25%, closing at 8,759 points, while the German DAX posted the largest drop in the region, falling 3.55% to end the day at 22,326 points.

Also, the Nikkei index declined 1.2% to settle at 37,331 points, while the broader Topix index fell 0.7%, ending the session at 2,710 points.

In the oil market, Brent crude futures for May delivery declined by 0.8%, or 58 cents, to $71.04 per barrel.

US West Texas Intermediate (WTI) crude futures for April delivery also edged down by 0.15%, or 11 cents, to $68.26 per barrel.

Meanwhile, gold prices moved higher, with April futures rising 0.65%, or $19.50, to $2,920.60 per ounce.