Wall Street tumbled on Tuesday as a sharp 4-year decline in
consumer confidence rattled investors already on edge over Donald
Trump’s latest tariff announcement.
- The S&P 500 plunged 0.9%, extending its four-day losing streak, while the Nasdaq collapsed 1.8%, wiping out last week’s record highs, per data from Google Finance.
The
Conference Board reported that consumer confidence for February sank 7
points to 98.3, a far steeper drop than the 102.5 estimate from Wall
Street analysts, and it shows a crack in consumer spending power, with
Americans now expecting inflation to rise to 6% over the next year, up
from 5.2% last month.
- The weak outlook pushed stocks lower, with investors scrambling to assess the potential for a recession.
Tech stocks sink as inflation fears mount
The tech-heavy Nasdaq bore the brunt of the sell-off, as investors dumped growth stocks in the face of rising uncertainty. Tesla collapsed 7.8%, making it one of the worst performers of the day, while Palantir slid 3.6%. The Magnificent Seven tech giants, which have fueled much of Wall Street’s recent gains, all traded lower, erasing billions in market value.
Meanwhile, world tech stocks have risen a MASSIVE ~1,700% since the beginning of 2009. By comparison, global stocks excluding the Technology, Media, and, Telecom (TMT) sector have gained just ~300%.
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Wall Street falls as US consumers get more pessimistic about inflation, tariffs
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Uploaded: Feb 25, 2025
