At around 10:30 PM Beijing Time on October 10, the U.S. stock market experienced sharp fluctuations, with all three major indices plummeting. As of approximately 12:30 AM Beijing Time on October 11, the Nasdaq Index fell by 453.99 points, a drop of 1.97%; the Dow Jones Industrial Average fell by 493.52 points, a decline of 1.06%; and the S&P 500 Index dropped by 96.89 points, a decrease of 1.44%. Panic spread through the market, with the Nasdaq Index falling as much as 2.54% at one point.

On the news front, U.S. President Trump made strong statements on social media on Friday local time (October 10) and threatened to impose "massive increases" in tariffs on Chinese goods.

After the news broke, Wall Street traders quickly pressed the sell button, and concerns over an escalation of the trade war instantly overshadowed the previous optimism in the market. Bloomberg described in its latest article: "The stock market quickly erased its gains... Investors rushed to safe-haven assets such as bonds and gold. The dollar fell after having its best week since November."

The Nasdaq once fell by 2.54%

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