President Trump hosted a roundtable for CEOs and business leaders at the White House.
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Wall Street has been rocked by trade tenions and escalating fears of a recession, leading to a massive sell-off, which wiped billions of dollars off share markets. The tech-heavy Nasdaq led the sell-off, falling four per cent, marking its worst day since 2022. The Magnificent Seven stocks – Meta, Alphabet, Tesla, Nvidia, Apple, Microsoft, Amazon – were all down, with Telsa plunging more than 15 per cent. The S&P 500 closed 2.7 per cent lower. The ASX followed, with stocks losing $50 billion by mid morning before a late rally to finish almost 1 per cent lower.
US President Donald Trump says America is going through a transition, and has refused to rule out a recession. Elon Musk says the goal is to “not have America go bankrupt with waste and fraud”. Australian superannuation will be impacted by the falls in the US stock market. SuperRatings chief executive Kirby Rappell says Australians need to focus on the long term, as blips do happen, such as during COVID and the GFC.
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