Wall Street Roiled by Trade Jitters as Equities Fall – US Market Wrap

Wall Street had a renewed bout of volatility, with equities ending at their lowest level since September due to concerns about the effects of a trade war on the economy.

The S&P 500 resumed its slump just minutes after recovering from a 1.5% drop on prospects of a Ukraine-Russia peace. While a rally in megacaps such as Tesla and Nvidia lifted the market from its session lows, the vast majority of shares in the US stock benchmark fell. The measure momentarily crossed the technical correction level before closing 9.3% lower than its all-time high.

President Donald Trump said he was reconsidering plans to raise steel and aluminium tariffs on Canada to 50% after Ontario said it would suspend a 25% levy on power exported to the United States. A deepening trade war between the United States and Canada has roiled markets and cast a pall over major North American sectors.

The S&P 500 index lost 0.8%. The Nasdaq 100 declined 0.3%. The Dow Jones Industrial Average declined 1.1%.

The yield on 10-year Treasuries rose six basis points to 4.28%.