US stocks, dollar, crude oil prices drop as tariff fallout continues

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US stocks, dollar, crude oil prices drop as tariff fallout continues

2025-04-09 09:15 Last Updated At：14:37

U.S. stocks ended sharply lower, the dollar index declined, and crude oil prices settled lower on Tuesday, as the U.S. "reciprocal tariffs" are set to take effect on Wednesday.

Amid widespread opposition, U.S. President Donald Trump on April 2 signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners. U.S. Trade Representative Jamieson Greer on Tuesday said the "reciprocal tariffs" will go into effect on Wednesday.

The Dow Jones Industrial Average dropped 320.01 points, or 0.84 percent, to close at 37,645.59.

The S and P 500 fell 79.48 points, or 1.57 percent, to 4,982.77, narrowly avoiding a bear market. According to CNBC, the index has dropped nearly 19 percent from its February record, and it ended the session below 5,000 points for the first time since April 2024.

The tech-heavy Nasdaq Composite plunged 335.35 points, or 2.15 percent, to 15,267.91. Major U.S. tech leaders Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta Platforms and Tesla have all suffered dramatic share price plummets.

The dollar index, which measures the greenback against six major peers, lost 0.3 percent to 102.955 on Tuesday.

In late New York trading, the euro advanced to 1.0951 U.S. dollars from 1.0928 U.S. dollars in the previous session, while the British pound increased to 1.2790 U.S. dollars from 1.2755 U.S. dollars in the previous session.

The U.S. dollar bought 146.39 Japanese yen, lower than 148.03 Japanese yen of the previous session. The U.S. dollar was down to 0.8480 Swiss francs from 0.8572 Swiss francs, and it was up to 1.4238 Canadian dollars from 1.4200 Canadian dollars. The U.S. dollar declined to 10.0007 Swedish kronor from 10.0758 Swedish kronor.

Crude oil prices also fell on the same day.

The West Texas Intermediate for May delivery dropped 1.12 U.S. dollars, or 1.85 percent, to settle at 59.58 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased by 1.39 dollars, or 2.16 percent, to settle at 62.82 dollars a barrel on the London ICE Futures Exchange.

Iranian foreign minister says situation "fully under control," accuses Israeli intelligence of stoking unrest

Iranian Foreign Minister Seyed Abbas Araghchi said on Monday that the situation in Iran is "under total control" following violence linked to protests that spiked over the weekend.

Addressing foreign diplomats in Tehran, the foreign minister noted that armed terrorist groups had infiltrated the protests, attempting to divert them from their legitimate course. He claimed that evidence has been gathered showing Iranian security forces being shot at, with the aim of causing further casualties. He accused the United States and Israel of exploiting the unrest to interfere in Iran's internal affairs.

Araghchi further stated that the government is closely monitoring developments on the streets, emphasizing that "the situation has come under control." He also affirmed that internet services, curtailed during the unrest, would be restored after coordination with security agencies.

The government has engaged in dialogue with merchants and protest representatives and initiated reforms to address grievances related to price hikes and currency depreciation. Iran has taken a series of actions and measures to respond to the demands of peaceful demonstrators, the foreign minister said.

Earlier on Sunday, Araghchi said that clear evidence links recent riots and vandalism of public facilities in Iran to the Israeli intelligence agency Mossad. This came after former U.S. Secretary of State Mike Pompeo mentioned Mossad agents operating on Iran's streets in a social media post. The Iranian foreign minister asserted that police are being attacked by "terrorists" acting under the direction of Israeli operatives, whom Pompeo publicly acknowledged.

The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and U.S. sanctions.