Dow closes more than 700 points lower and the S&P 500 is on track for its worst quarter since 2022 | CNN Business
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US stocks tumbled Friday and a broad selloff gripped Wall Street as investors digested slightly stubborn inflation data and weakening consumer sentiment while wrestling with continued tariff anxiety.

US stocks were sharply lower Friday as investors digested souring consumer sentiment and inflation data that showed an uptick in one of the Federal Reserve’s key gauges, underscoring the delicate state of the economy as businesses brace for President Donald Trump’s tariffs.

The Dow tumbled 750 points, or 1.77%, on Friday. The broader S&P 500 fell 2.1% and the Nasdaq Composite slid 2.8%.

. . .

Wall Street was also grappling with Trump’s announcement on Wednesday of 25% tariffs on all cars shipped into the US, set to go into effect April 3. Trump also announced tariffs on car parts like engines and transmissions, set to take effect “no later than May 3,” according to the proclamation he signed.

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  • SpaceCowboy@lemmy.ca
    56·
    3 days ago

    Buy it with what? Billionaires don’t hold money, their valuation is all in stock value.

    I think you’re giving them too much credit. Never attribute to malice that which can be explained by incompetence.

    • JackbyDev@programming.devEnglish
      1·
      3 days ago

      https://www.cbsnews.com/news/billionaire-wealth-covid-pandemic-12-trillion-jeff-bezos-wealth-tax/

      Between March 18, 2020, and March 18, 2021, the wealth held by the world’s billionaires jumped from $8.04 trillion to $12.39 trillion, according to the IPS’ analysis of data from Forbes, Bloomberg and Wealth-X. Amazon.com founder Jeff Bezos, the world’s wealthiest person, saw his fortune soar to $178 billion from $113 billion, or 57%, during that time, the study found. All told, the total wealth of the world’s billionaire class grew 54% during the pandemic year, IPS reported.

    • boonhet@lemm.ee
      1·
      3 days ago

      Lol billionaires absolutely have cash too.

      It’s beneficial to keep most of it in stocks, sure, but they also get dividends, which can be used to buy more assets, or kept in waiting for a market downturn to buy even more assets.

    • Aspergillus@pawb.social
      11·
      3 days ago

      The billionaires don’t pay for their supercars, luxury mansion, security details, cesspool social media sites, and private jets with stocks my man. They have plenty of liquidity to go around.

      • Briguy@lemmy.world
        4·
        3 days ago

        False. They take out special loans only available to billionaires at less than 1% interest. They use their stock as collateral. They never pay back these loans because they don’t want to sell their stock and pay taxes in order to repay them. The banks don’t mind because they know they’re good for it. They keep doing this over and over. Their long term plan is when they die their estate will pay off their debt. That’s the recipe they use to pay zero taxes.