US stock market under pressure as tariff policies fuel recession fears

Wall Street is feeling the heat as concerns over a potential "Trump recession" grow, driven by a series of aggressive tariff policies introduced earlier by U.S. President Donald Trump.

Business and consumer confidence have taken a hit, leading to widespread losses among the "Magnificent 7" tech giants. Meanwhile, with the Dow, S and P 500, and Nasdaq remaining under pressure, investors are increasingly worried that escalating unilateral trade policies could push the U.S. into an economic downturn.

The term "Magnificent 7" stocks refers to seven dominant tech companies - Apple, Microsoft, Amazon, Alphabet (Google's parent company), Meta (formerly the Facebook company), Nvidia, and Tesla - that have played a crucial role in driving market growth.

As of March 14, comparing the lowest and highest stock prices this year, Apple's stock has dropped by 16.24 percent, Nvidia by 31.58 percent, Microsoft by 15.78 percent, Amazon by 21.30 percent, Alphabet by 21.98 percent, Tesla by 50.64 percent, and Meta by 20.85 percent. According to a report by CNBC on March 14, the "Magnificent 7" tech giants have collectively lost 2.7 trillion U.S. dollars in market value over the past three weeks.

According to a report by CNBC on March 14, the "Magnificent 7" tech giants have collectively lost 2.7 trillion U.S. dollars in market value over the past three weeks.

The Trump administration's tariff policies are severely undermining investor confidence in U.S. assets, ultimately backfiring on the country itself.

This week, the three major indices on the New York Stock Exchange remained under pressure.

Comparing the lowest and highest points this year, the Nasdaq Composite Index has fallen by 14.31 percent and has been declining for four consecutive weeks. The S and P 500 Index has also dropped for four straight weeks, down 10.45 percent. Meanwhile, the Dow Jones Industrial Average has fallen for two consecutive weeks, declining by 9.7 percent.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.