On April 2, US President Trump showed a signed executive order on so-called "reciprocal tariffs" at the White House in Washington. Photo by Xinhua News Agency reporter Hu Yousong

  "The biggest single-day drop" in 5 years

  The New York stock market in the United States plummeted for the second consecutive day on the 4th.

  As of the close of the day, the Dow Jones Industrial Average fell 2231.07 points from the previous trading day, closing at 38314.86 points, a drop of 5.50%; the S&P 500 stock index fell 322.44 points, closing at 5074.08 points, a drop of 5.97%; the Nasdaq Comprehensive index fell 962.82 points, closing at 15587.79 points, a drop of 5.82%.

  On that day, the S&P 500 index showed its largest single-day decline since March 2020, and the Dow Jones Industrial Average experienced its largest single-day decline since June 2020 and saw a drop of more than 1,500 points for two consecutive trading days for the first time.

  As of the close of the day, the Nasdaq Comprehensive Index, compared with the latest historical high of 20173.89 points set on December 16 last year, had a cumulative decline of 22.73%, officially entering a technical bear market.

  The Russell 2000 index, composed of small-cap stocks, has been the first to fall into a technical bear market area on the 3rd.

　　On April 3, traders worked in the trading hall of the New York Stock Exchange in the United States. Photo by Xinhua News Agency reporter Liu Yanan

  "Pandemic Index" surged again

  As market safe-haven funds poured into the bond market, the yield on the US 10-year Treasury bond fell below 3.9% on the 4th.

  Data shows that the Chicago Options Exchange Volatility Index (also known as the "Panience Index"), which measures investors' panic and market risks, soared 50.93% on the 4th and closed at a high of 45.31 points. The day before, the index rose sharply by 39.56% to close at 30.02 points, indicating that the market panic is still at a high level.

　　On March 19, Federal Reserve Chairman Powell attended a press conference in Washington. Photo by Xinhua News Agency reporter Hu Yousong

  Fed: significantly exceeded expectations

  Federal Reserve Chairman Powell said in a speech to the media on the morning of the 4th that Trump's tariff measures are expected to push up inflation and lower economic growth, and the Federal Reserve will not adjust interest rates until the final impact of tariffs becomes clear.

  He said that the extent of the "reciprocal tariffs" announced by the United States "significantly exceeds expectations" and its economic impact is likely to be greater than expected, but the intensity and duration of these impacts are still uncertain.

  "We have sufficient conditions to wait for clearer information before considering any adjustments to our policy position. It is too early to talk about what is the right monetary policy path," Powell said.

  Trump: Fed cuts interest rates quickly

  U.S. President Trump said via social media before Powell's speech that as prices and interest rates fall, now is the "perfect" time for the Fed to cut interest rates. He called on Federal Reserve Chairman Powell to cut interest rates quickly and stop "playing with politics."

  "The bull market is dead"

  Peter Bukwar, chief investment officer of Blickley Financial Group, said on the 4th that the stock market is closely linked to the economy. If the stock market continues to fall and negatively affect spending in high-income groups, and government spending is slowing, the risk of an economic recession will increase significantly.

  Emily Bowsok Hill, CEO of the US Bowsok Capital Partners, said that the bull market is dead, and what ruined the bull market is ideology and self-harm. Hill believes that while the market may be close to reaching a short-term bottom, it is worrying about the impact of the global trade war on long-term economic growth.

  Bob Dore, chief investment officer of the US Crossbar Global Investment Company, said on the 4th that he does not think the stock market has bottomed out. Dole said there will definitely be a weak economy, and the probability of a recession in the United States has risen from 25% at the beginning of this year to 50%.

  The US dollar index rose sharply on the 4th

  The dollar index, which measures the dollar against six major currencies, rose 0.93% on the day and closed at 103.024 at the end of the foreign exchange market.

  As of the end of the New York foreign exchange market, 1 euro was exchanged for US$1.0943, lower than US$1.1037 on the previous trading day; 1 pound was exchanged for US$1.2881, lower than US$1.3095 on the previous trading day.

  1 USD is 146.91 yen, higher than 146.43 yen on the previous trading day; 1 USD is 0.8606 CHF, lower than 0.8611 CHF in the previous trading day; 1 USD is 1.4238 Canadian dollars, higher than 1.4084 Canadian dollars in the previous trading day; 1 USD is 10.0390 CHF, higher than 9.7865 CHF in the previous trading day.

  International oil prices fell sharply on the 4th

  As of the close of the day, the price of light crude oil futures delivered on the New York Mercantile Exchange fell $4.96 to close at $61.99 per barrel, a drop of 7.41%; the price of London Brent crude oil futures delivered in June fell $4.56 to close at $65.58 per barrel, a drop of 6.50%. (Reporter: Liu Yanan)

[Editor in charge: Jiao Peng]