U.S. major stock indexes plummeted sharply on Friday after President Donald Trump posted on the Truth Social platform that he might cancel a planned meeting with the Chinese president and was considering a “massive increase in tariffs” on Chinese products.
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The Dow Jones Industrial Average fell by 878 points, dropping to 45,479 points — a decline of 1.90%.
The tech-heavy Nasdaq index dropped by 820 points to close at 22,204 points, marking a 3.56% decrease.
Meanwhile, the S&P 500 index declined by about 182 points to reach 6,552 points, a drop of 2.70%.
In addition, U.S. crude oil (West Texas Intermediate) also fell significantly, dropping to $58.81 per barrel.
