The U.S. stock market is sinking further Tuesday after U.S. President Donald Trump raised the stakes in his trade war, pulling Wall Street more than nine per cent below its record set just a month ago.
An American flag is displayed on the outside of the New York Stock Exchange in New York, Wednesday, Feb. 26, 2025.
The Dow Jones Industrial Average was down 529 points, or 1.3%, as of 10:50 a.m. Eastern time, and the Nasdaq composite was 0.6% lower. Delta Air Lines said late Monday that it’s already seeing the change in confidence, which is already affecting demand for close-in bookings for flights. That pushed it to roughly halve its forecast for revenue growth in the first three months of 2025, down to a range of 3% to 4% from a range of 7% to 9%.Southwest Airlines also cut its forecast for an important underlying revenue trend, and it specifically pointed to less government travel, among other reasons.
Earlier in the morning, several Big Tech stocks helped support the market after getting walloped in recent months. Elon Musk’s Tesla initially rose, for example. President Donald Trump even said he would buy a Tesla in a show of support for “Elon’s ‘baby.’ ”
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