US indices fall, approaching bear market territory

US indices declined as Wall Street’s fear gauge surpassed 50 points, following the White House’s confirmation of additional tariffs on Chinese goods, raising the total tariff rate to 104%.

The Dow Jones Industrial Average dropped 0.85%, or 320 points, to close at 37,645 after rising to 39,426 during the session.

Similarly, the S&P 500 index fell 1.55%, or 79 points, to 4,982, marking a 19% decline from its record high of 6,144 points. This represents its first drop below the 5,000-point level since April 19, 2024, approaching bear market territory.

The Nasdaq Composite also plunged 2.15%, or 335 points, to settle at 15,267, after briefly surpassing 16,000 points earlier in the session.

As for European markets, the STOXX Europe 600 gained 2.7% to 498.9 points.

The British FTSE index added 2.7% to 7,910 points. The German DAX index rose 2.5% to 20,280 points, while the French CAC 40 index increased by nearly the same percentage to 7,100 points.

The Nikkei index advanced 6%, or 1,876 points, to 33,012 points, and the broader Topix index surged 6.25% to 2,432 points.

In the oil market, futures prices for standard Brent crude for June delivery lost 2.15%, or $1.39, to $62.82 per barrel.

Futures prices for US Nymex crude for May delivery dropped 1.85%, or $1.12, to $59.58 a barrel.

As for gold, the prices of gold futures contracts for June delivery inched 0.55%, or $16.6, to $2,990.20 per ounce.