Equity Alert
US indices slump Fri as US-China trade tensions resurface
This story was originally published at 07:46 IST on 13 October 2025
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Equity Alert: US indices slump Fri as US-China trade tensions resurface
MUMBAI--0731 IST--Major stock indices in the US saw a sell-off Friday as concerns about a trade war between the US and China resurfaced. Stocks slumped after US President Donald Trump threatned to impose 100% tariff on goods from China after Beijing put export controls on rare earth minerals, which are used to make several critical products such as electric vehicles, aircraft enginess, and radars.
Technology stocks fared among the worst, with shares of Nvidia, Intel, and AMD down 4-8%. Electric vehicle maker Tesla's shares slumped over 5%. Owing to this, the S&P 500 was down nearly 3%, its steepest single-day fall in five months.
"The second-largest economy and the first largest economy are arguing again, and we're seeing a sell first, ask questions later mentality to end the week," Ryan Detrick, chief market strategist at Carson Group in Omaha, was quoted as saying by Reuters on Friday. "President Trump's post did truly come out of nowhere, which opened the door for some extreme volatility."
On Friday, Trump announced the US would impose an extra 100% tariff on imports from China, along with export controls on "any and all critical software" from Nov. 1, Trump said, adding that the measures could be implemented sooner, "depending on any further actions or changes taken by China".
On Monday, futures contracts regained some lost ground with E-mini Dow futures up 0.8%, recouping almost half the losses made on Friday. Futures gained after Trump made another post on Truth Social, in an attempt on calm the situation, saying, "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment".
"He (Xi Jinping) doesn't want Depression for his country, and neither do I," Tump added.
Following are the closing levels of US indices Friday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6552.51 |
(-)2.71 |
|
NASDAQ Composite |
22204.43 |
(-)3.56 |
|
Dow Jones Industrial Average |
45479.60 |
(-)1.90 |
(Anshul Choudhary)
End
US$1 = INR 88.69
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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