Bloomberg reported that on October 10 local time, the U.S. stock market experienced its worst sell-off in six months.
The three major U.S. stock indices all closed lower. The Dow Jones fell 878.82 points, a drop of 1.9%; the Nasdaq fell 820.20 points, a drop of 3.56%; and the S&P 500 fell 182.60 points, a drop of 2.71%. Both the Nasdaq and the S&P 500 recorded their largest single-day declines since April.
Major tech stocks fell broadly. Tesla dropped more than 5%; Amazon fell nearly 5%; Apple and Meta fell more than 3%; Microsoft and Google fell more than 2%; NVIDIA fell 4.89%.
Qualcomm's stock fell 7.3%. On October 10, the State Administration for Market Regulation released a notice stating that due to its acquisition of Autotalks company not being legally reported for business concentration, it is suspected of violating the Anti-Monopoly Law of the People's Republic of China. The State Administration for Market Regulation has lawfully initiated an investigation into Qualcomm.
In response to the plunge in the U.S. stock market, economist Dan Greenhouse said, "For many investors, the tariff issue seemed to be settled, and the market had already accepted the status quo. However, the U.S. implementing 'substantial tax increases' on its largest source of imports broke this status quo, forcing the market to reassess."
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