Stocks fell Thursday afternoon as President Donald Trump’s pledge to temporarily exempt many Mexican imports from his 25% tariffs failed to deter a wider sell-off.
The S&P 500 was down as much as 2.1%, while the tech-heavy Nasdaq declined 2.8%. The Dow Jones Industrial Average fell approximately 500 points, or 1.4%.
The major averages have each lost more than 3% this week, with the broader S&P 500 having now erased the gains it accrued since Trump won November’s election. That index is off 6% from its all-time high in January, the month he took office.
Thursday’s action marks a reversal of a short-lived rally Wednesday following the Trump administration’s announcement that autos from America’s largest manufacturers would be exempted from the 25% tariffs he unveiled on Canada and Mexico.
Anyone with money isn’t buying at all, they are shorting