Kuwait City: U.S. stock indexes closed in the red late Wednesday due to mounting pressure from technology stocks and tariffs. The S and P 500 fell 64.45 points, or 1.12 percent, the Nasdaq Composite nosedived 372.84 points, or 2.04 percent, and the Dow Jones Industrial Average dropped 132.71 points, or 0.31 percent.
According to Kuwait News Agency, stock losses came following reports about new tariffs revealed by U.S. President Donald Trump, who had signed an executive order to impose a 25 percent tariff on imported autos and auto parts as of April 2. This announcement has added pressure on the stock markets, leading to significant declines across major indexes.
The decision to impose tariffs is part of the administration's strategy to protect domestic industries but has raised concerns among investors about potential trade wars and their impact on the global economy. The technology sector, in particular, has been under scrutiny, contributing to the overall decline in stock values.