US stock markets fall to the lows of the day, Nasdaq down 2.2%

Maybe the market liked tariffs.

It looks like the USMCA trade fight is about to be fully called off (Mexico tariffs are off while we’re awaiting Canada) but that hasn’t saved the market. There was a pop on the first hints from Lutnick but in the last hour there has been a wave of selling.

The Nasdaq is now down 2.2% and the S&P 500 down 1.8%, both are session lows. Chipmakers and Tesla are particular laggards.

I tend to think there are some underlying worries about the economy and AI that continue to surface. The one-month delay in tariffs might also be hinting at persistent uncertainty. I’d also note that the call between the US and Canada seems to be taking a long time.

This article was written by Adam Button at www.forexlive.com.