US Stock Market: At close, Dow drops 349 points, S&P down 0.2%, Nasdaq edges up 0.1%

US Stock Market: Stock markets in the United States plummeted on Monday, April 7, after the global markets, including the Asian and the European indices, crashed over investor fears of a potential global recession.

Dow drops 349 points, S&P down 0.2%, Nasdaq edges up 0.1%

Another volatile day on Wall Street ended in losses amid renewed tariff tensions. President Trump’s latest comments on escalating the trade war rattled market sentiment. The Dow Jones Industrial Average dropped 349 points, or 0.9%. The S&P 500 closed down 0.2%, extending recent losses. The Nasdaq composite was the outlier, inching up 0.1%, buoyed by some tech resilience.

Crude oil prices drop 2%, sink to 4-year low

Oil prices dropped 2% on Monday, hitting their lowest levels in nearly four years amid concerns that Trump’s new trade tariffs could spark a global recession and hurt energy demand. Brent crude fell $1.24 (1.9%) to $64.34, while U.S. WTI fell $1.21 (2%) to $60.78 per barrel as of 12:46 p.m. EDT.

Bitcoin rebounds after sharp drop to $74K

Bitcoin dropped as much as 5.6% to $74,425 early Monday before recovering to trade near $79,000. Smaller tokens like XRP, Solana, and Cardano also rebounded after steep morning losses.

Trump’s tariffs may trigger US recession, spill over into Canada: Mark Carney

Prime Minister Mark Carney warned that President Donald Trump’s tariffs have significantly increased the chances of a US recession — a development he said would severely impact Canada’s economy.

BlackRock CEO says, most CEOs believe ‘we are probably in a recession right now'

"Most CEOs I talk to would say we are probably in a recession right now," BlackRock CEO Larry Fink said Monday afternoon at an Economic Club of New York luncheon.

"We're seeing various sectors in a real downturn," he said.

US Stock Markets Crash

At 9:31 a.m. (EDT), the Dow Jones Industrial Average (DJIA) crashed over 1,200 points, dropping 3.17 per cent to 37,101.88 points, compared to 38,314.86 points in the previous US market session.

After crashing nearly 1,400 points after the market opened, the Dow Jones recovered briefly before dropping again, currently trading nearly 2.22 per cent lower at 37,464.92 points on Monday's stock market session.

The tech-heavy Nasdaq Composite index plummeted 4 per cent, opening at 14,964.56 points, compared to 15,587.79 points at the previous Wall Street close on Friday.

The Nasdaq is currently trading 1.44 per cent lower at 15,382.36 points, according to the market trends on Wall Street.

S&P 500 is currently trading 1.57 per cent lower at 4,985.25 points. The index dropped 3.57 per cent to open at 4,892.71 points, compared to 5,074.08 points in the previous market session.

Bitcoin Prices

Bitcoin prices hit their 5-month-low levels on Monday amid a broader market selloff, which was prompted by investor concerns over the world economy potentially sliding into a recession.

Bitcoin was down 5.3 per cent at $77,901.59 as of 10:36 p.m. (IST), according to data collected from the CoinMarketCap website.

Trump on US Market Losses

President Donald Trump called the $1.9 trillion losses “not sustainable” on Monday after the stock market took another hit amid a heavy global sell-off.

“This is NOT SUSTAINABLE! The United States can't lose $1.9 trillion on trade…” said Trump in his post on the platform Truth Social on Monday.

However, reiterating his US tariff stance, Donald Trump said that he is not going to “bend” to the broader market losses as investor concerns prompt them to sell off equity to move into safe-haven assets.

“Rates are plummeting, oil prices are plummeting, deregulation is happening. President Trump is not going to bend...,” said Trump in another post on Truth Social.

Before the US markets opened on Monday, US President Donald Trump told people to be strong and courageous to achieve greatness as a result of an ongoing trade war between the US and other world nations.

“The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result,” he said in a Truth Social post on Monday.

Global Markets Today

Stock markets in the major economies plunged on Monday, like the UK's FTSE 100 index, which lost over 5 per cent after markets opened for Britain on April 7.

Along with the European markets, the Asian markets tanked, with the Hong Kong-based Hang Seng index taking the biggest hit, losing over 3,000 points. The index closed 13.22 per cent lower at 19,828.30 points, compared to 22,849.81 points at the previous market close.

Japan's Nikkei 225 index also lost more than 2,600 points, closing 7.83 per cent lower at 31,136.58 points, compared to 33,780.58 points at the previous market close.

Dow Jones Trade Guide

Anshul Jain, the Head of Research at Lakshmishree Investment and Securities, expects that the Dow Jones index has entered the ‘oversold territory’; continued sell-off on Wall Street could even push the index towards the 36,000 point level.

“The Dow Jones plunged over 5% last week, breaking the neckline of a weekly double top at 41,647, triggering a swift free fall. With a 15% decline over nine weeks, the index now sits in highly oversold territory,” he said.

“A sharp dead cat bounce is likely if the index sweeps last week's low at 38,264. However, if the selloff persists and the index sustains below 38,264, the next downside target aligns with the 50-month EMA near 36,000—a critical support zone,” said the stock market expert.

Nasdaq Trade Guide

For Nasdaq, Anshul Jain expects that the index after experiencing more than 21 per cent correction in the last six weeks, is likely to witness a temporary recovery at the current level.

“The Nasdaq has corrected over 21% in the last six weeks, including a steep 9.77% drop. The index has tested the key monthly swing low at 17,435 — a strong support zone. A dead cat bounce from this level looks likely. If the index sustains above the 17,435–17,500 range in the current week, a short-covering rally towards the 20-month EMA at 18,500 is expected. However, this bounce would be technical, not a sign of trend reversal,” said the stock market expert ahead of the US market open today.

US Market Crash on April 4

The US stock markets witnessed a bloodbath on Friday, April 4, its worst intraday session since the COVID-19 pandemic, as China announced its move to impose 34 per cent additional tariffs on all imports from the United States.

The Dow Jones Industrial Average (DJIA) lost more than 2,200 points, closing 5.50 per cent lower at 38,314.86 points, compared to 40,545.93 points at the previous market close.

The tech-heavy Nasdaq Composite index also clocked in heavy losses, closing 5.82 per cent lower after losing more than 900 points at 15,587.79 points, compared to 16,550.61 points in the previous market close.

S&P 500 also tanked, closing 5.97 per cent lower at 5,074.08 points, compared to 5,396.52 points at the previous market close.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.