Business, Finance & Tech
Dow Plunges Nearly 900 Points After Trump Threatens New Tariffs on China
U.S. stocks plunged Friday as President Donald Trump threatened to impose new tariffs on China, sparking fears of a renewed trade war between the world’s two largest economies.
The Dow Jones Industrial Average fell 879 points, or 1.9%, while the S&P 500 dropped 2.71% and the Nasdaq slid 3.56%. It was the worst trading day since spring, wiping out about $1.56 trillion in market value, according to FactSet data.
The sell-off followed a Truth Social post from Trump suggesting a “massive increase” in tariffs on Chinese imports. The president said China had become “very hostile” in trade dealings and accused Beijing of restricting rare earth exports vital to U.S. industries.
The threat immediately rattled global markets, sending the CBOE Volatility Index up 32% — its highest level since June. Analysts said the announcement caught traders off guard after months of relative calm.
“The ramping up of tensions with China is the big story,” said Ross Mayfield, investment strategist at Baird. “It definitely caught markets off guard.”
Tech stocks were hit hardest, with Nvidia dropping nearly 5% and AMD down almost 8%. Meanwhile, U.S.-based rare earth companies rose as investors anticipated domestic production gains.
Investors flocked to safe havens like U.S. Treasury bonds, gold, and silver, while oil prices tumbled more than 4% amid fears that the trade dispute could slow global growth.
“The sell-off has the potential to evolve into a larger correction,” said Michael O’Rourke, chief market strategist at JonesTrading. “Greed has far outpaced fear in the market, and that complacency leaves investors vulnerable.”
With Trump hinting at canceling his planned meeting with Chinese President Xi Jinping at the upcoming APEC summit, markets are bracing for more turbulence.
Credit: CNN Newsource
Explore: NBCPalmSprings.com, where we are connecting the Valley.
By: CNN Newsource
October 10, 2025
Latest Instagram Posts
You know campaign texts are out of control when they text you a video of yourself to tell you how to vote 😆 How many campaign texts have you received this week? #therogginreport #measurep #localnews #coachellavalley #nbcpalmsprings
Meet Amelia McMahon, the woman behind Amelia’s Donuts Bakery & Cafe in Idyllwild, where a passion for baking has turned into a community gathering spot — and an inspiration to other women chasing their dreams. After bringing homemade donuts to the kids at school, Amelia turned that passion into a business. This December, she’ll celebrate seven years in business! ❤️ For National Women’s Small Business Month, we’re celebrating Amelia and the female entrepreneurs making a difference in their communities. Her advice to women who dream of starting their own business? Have a plan, surround yourself with supportive people, believe in yourself, and just go for it! 🎥 Kai Beach shares Amelia’s inspiring story with NBC Palm Springs. #WomensSmallBusinessMonth #WomenInBusiness #SmallBusiness #Idyllwild #WomenEntrepreneurs NBCPalmSprings InspiringStories
Candy and costumes! Halloween is a time for festive fun, but some of those holiday hallmarks can stress out our pets. Patrick Cornell shares tips to keep your fur friends safe through all the spooky excitement.
Salton city resident Abraham Feinbloom is expected to be sentenced today after pleading guilty to torturing and killing 17 year old Hemet teen T’Neya Tovar. Tune in to our midday and evening newscast as @newsbyalondra brings us all the latest details from the courtroom.
☕️ Social Time with Thalia & Jerry. Do you like a good jump scare?
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1) Aiden Pope with the punt return TD, 2) Mason Flores with the dime on the run, 3) Colton LaCrone with the sack, 4) Kingston Pellum with the contested snag, or 5) Anthony Aguirre with the sack #hondaofthedesert #fnl #fridaynightlights #fyp #highschoolfootball
The midterms inch closer and the prices get higher
The hiring of interim City Manager Jim Vanderpool is drawing criticism online over allegations of previous homophobic remarks and harassment. Vanderpool is pushing back, saying the complaint at the center of the controversy was misinterpreted. Be sure to visit nbcpalmsprings.com for the full report #palmsprings #lgbtqcommunity #coachellavalley #localnews #760
🦷🇺🇸 George Washington’s teeth had a story of their own… and trust us, it’s WILD. 😂👀 Forget the cherry tree—this is the history lesson nobody saw coming! 🍒🤯 Would YOU want to know the truth? 👇😂 🎭 Catch the laughs with Mann on the Aisle! #MannOnTheAisle #GeorgeWashington #WeirdHistory #HistoryFacts #comedytheatre
As Palm Springs Pride organizers prepare for the annual celebration, one local organization is questioning the reasons why they won’t be allowed to participate. Our @newsbyalondra has the full story in the 5,6 and 11 p.m newscast.