US stocks plunge as tariff uncertainty fuels recession fears
US stocks have plunged after US President Donald Trump refuses to rule out a recession amid market concerns over his tariffs policy.
Trump says the arrest of a Palestinian student protester at Columbia University is the “first of many” as experts warn of an “unprecedented” crackdown on freedom of speech.Dow, S&P, NASDAQ: What are stock indexes?
Stock indexes track the collective performance of certain companies listed on the stock exchange, and they are often used to assess the health of the stock market overall.
Dow Jones Industrial Average: The Dow indexes 30 prominent companies on the market, including Walmart, Nike and McDonald’s.
S&P 500: As its name may suggest, the S&P 500 includes the stock performance of the largest 500 companies in the country.
Nasdaq Composite Index: The Nasdaq reflects nearly all the companies listed on the Nasdaq stock exchange.Judge says Trump can’t cut funds to DEI programmes at federal agencies
A judge in Baltimore has clarified that a temporary block on Trump’s efforts to cut funds from federal programmes related to diversity, equity and inclusion (DEI) applies to all “federal executive branch agencies, departments, and commissions”.
Judge Adam Abelson had previously ruled that Trump’s executive orders seeking to cut funding to DEI schemes “run afoul of the free speech protections”.
The lawsuit blocking the Trump measures had been brought by the National Association of Diversity Officers in Higher Education and other groups.Trump administration ends security briefings for Blinken, other Biden officials
Tulsi Gabbard, the director of US national intelligence, says she has revoked security clearances and barred access to classified information for former Secretary of State Antony Blinken and ex-Biden National Security Adviser Jake Sullivan.
In a post on X, Gabbard said the move came at the behest of Trump.
Other Biden-era officials, including former Deputy Attorney General Lisa Monaco, were also affected.
“The President’s Daily Brief is no longer being provided to former President Biden,” Gabbard added.Former VP candidate Walz says Minnesota ‘first victim’ of Trump trade war
Minnesota Governor Tim Walz has responded to the Ontario premier’s announcement that the Canadian province will slap 25-percent surcharges on electricity provided to Michigan, Minnesota and New York.
“The first victims of Trump’s trade war? Minnesotans struggling to pay their skyrocketing electric bill,” Walz, who was Kamala Harris’s running mate in the 2024 elections, wrote on X.
“Minnesota cannot afford Trump’s billionaire-run economy. We have to put a stop to this madness,” he added.
It remains unclear what effect the new levies will have on Minnesota.
Minnesota Power, the main utility serving the part of the state that borders Ontario, told The Associated Press that it only gets a “very small” proportion of its power from Ontario.
US and China in early stages of potential Trump-Xi meeting: Report
The Wall Street Journal has reported both governments are in early talks for a possible meeting in June.
That’s the month when both Trump and his Chinese counterpart, President Xi Jinping, celebrate their birthdays, prompting officials to call the possible meeting a “birthday summit”, according to the newspaper.
Both Trump and Xi have expressed interest in meeting although Trump has in recent days escalated his trade war with China.Wall Street ends sharply lower
According to preliminary data, the S&P 500 has lost 155.21 points, or 2.69 percent, to end the day at 5,614.99 points.
That’s the first time it finished below its 200-day moving average – a closely watched support level – since November 2023.
The Nasdaq Composite Index lost 726.01 points, or 3.99 percent, to 17,470.21 – its biggest single-day decline since September 2022, according to CNN.
The Dow Jones Industrial Average also fell 890.63 points, or 2.08 percent, to 41,911.09.
