Market Roundup: What Happened Yesterday and What Awaits Us Today (February 24):

Wall Street Under Pressure from Tariffs... Dow Loses 800 Points and Gold Shines Amid a New Trade Storm

US stocks opened the week sharply lower after renewed trade tensions emerged following President Donald Trump’s announcement of new global tariffs. The move, which followed a Supreme Court ruling that overturned most of his earlier “reciprocal” tariffs, injected fresh uncertainty into global markets and quickly reversed last week’s positive momentum.

The Dow Jones Industrial Average led the declines, dropping 1.7% and shedding more than 820 points. The S&P 500 fell around 1%, while the Nasdaq Composite lost about 1.1%. The selloff erased gains made during a strong prior week, when the Nasdaq had snapped a five-week losing streak.

Trump initially announced a 10% global tariff increase on Friday before raising it to 15% the next day. The administration indicated the new tariffs would not rely on powers under the International Emergency Economic Powers Act — the legal basis the Supreme Court said did not justify earlier tariff measures. This policy shift has heightened uncertainty around global trade rules and economic growth prospects.

Concerns intensified after reports that the European Union may pause ratification of its trade agreement with Washington until the situation becomes clearer, potentially escalating transatlantic trade tensions.

Investors moved toward safe-haven assets. The yield on the 10-year US Treasury fell below 4.03% from 4.09% previously, while the dollar index edged down about 0.2%. Gold surged roughly 3% to $5,225 per ounce and silver jumped 6%.

Oil prices slipped slightly, with West Texas Intermediate crude down to around $66 per barrel, while Bitcoin traded near daily lows around $64,700.

Market sentiment remains cautious. Unless policymakers clarify trade measures soon, volatility is likely to persist, with investors favouring defensive assets until the global economic outlook becomes more predictable.