Wall Street continued a retreat into ‘extreme fear’ territory after the Trump administration balked on its signature trade policy.
The S&P Global, Dow Jones, and Nasdaq are all trading in the red by mid-day March 6.
By noon in New York, the Nasdaq lost over 2 percent.
The sell-off sent CNN’s Fear of Greed Index, an indicator that measures seven different factors in the stock market to determine what sentiment is driving the market, into ‘extreme fear’ territory.
The March 6 sell-off adds a volatile week for investors, as all three indexes continued major swings throughout the week.
Markets tumbled into Tuesday after the President announced tariffs on Mexico, Canada, and China.
Wall Street gained some momentum back on Wednesday after President Trump removed tariffs for automakers until April 1.
But then Trump announced it was pulling back most tariffs on Mexican imports. The rapid changes have thrown investors off-kilter.
Stock traders are trading in ‘extreme fear’ territory
‘You’re just having confusion,’ Keith Lerner, the chief market strategist at Truist, told CNBC.
‘That confusion is permeating into the day-to-day swings of the market.’