The stock market’s tariff-fueled selloff has sent the S&P 500 below its 200-day moving average for the first time since November 2023, while the Nasdaq Composite is on track to close in correction territory.
The S&P 500 was down 2.2% to 5713.90 on Thursday, which is below the 200 DMA at 5730.65. The Nasdaq Composite was down 3% to 17,993, more than 10% below its recent high and putting it at risk of entering correction territory. The Dow was also down 563 points, or 1.3%.
Wall Street was selling stocks as the Trump administration signaled it plans to move forward on tariffs, even if it plans to delay the import taxes on most goods from Mexico for one month.