By Daily Mail (U.S.) | Created at 2025-03-11 00:36:39 | Updated at 2025-03-11 16:57:27
16 hours ago
One of the top financial voices at Fox News warned Donald Trump to avoid talking up his tariff plans as the stock market takes a tumble.
Wall Street kicked off the week with one of its worst days in three years, as investors wrestled with economic uncertainty and fresh turbulence from Washington.
The Dow Jones Industrial Average slid 890 points on Monday, down over 2 percent, while the S&P 500 tumbled 2.7 percent.
The tech-heavy Nasdaq fell the furthest, shedding 4 percent in the day's trading.
Charlie Gasparino, Fox Business Senior Correspondent, advised the president and Treasury Secretary Scott Bessent to not bring up the tariffs as he touts his record to the American people.
'They have to go out there and maybe stop talking about tariffs so much and start talking about how we're gonna infuse the economy,' he said.
Gasparino believes that focusing too much on tariff trauma influences a 'herd mentality' held by Wall Street insiders.
'The herd is really negative right now, and it's focused on tariffs,' he said.
Charles Gasparino, Fox Business Senior Correspondent, advised the president and Treasury Secretary Scott Bessent to not bring up the tariffs as he touts his record to the American people
Gasparino believes that focusing too much on Trump's tariff trauma influences a 'herd mentality' held by Wall Street insiders
The longtime finance journalist was critical of a 'wonky' speech Bessent gave at The Economic Club of Washington.
He advised instead to talk primarily about the benefits the Trump economy will bring to American business.
'We're getting good stuff coming from this economy. And for the markets, I think some of this is a sales job. We're gonna release the animal spirits. We're gonna deregulate stuff.'
The market 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 investors, into 'extreme fear' territory.
The March 6 sell-off continues a volatile week for investors, as all three indexes saw major swings.
First, markets tumbled into Tuesday after the President announced tariffs on Mexico, Canada, and China - and the countries retaliated.
Wall Street gained some momentum back on Wednesday after President Trump removed tariffs for automakers until April 2.
But then the Trump administration announced it was pulling back most tariffs on Mexican imports in a social media post on March 6.
Gasparino advised instead to talk primarily about the benefits the Trump economy will bring to American business
The longtime finance journalist was critical of a 'wonky' speech Bessent gave at The Economic Club of Washington
'After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement,' President Trump said on his social media app, Truth Social.
The USMCA is a free-trade agreement struck between the U.S., Mexico, and Canada during the first Trump administration.
Trump said the Mexican tariffs will also be delayed until April 2.
The rapid changes have thrown investors off-kilter.
'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.'
Tech stocks have been hit the hardest.
Nvidia, a dominant microchip producer that is seen as a bellwether of the AI industry, lost 5 percent of its stock value by mid-day.
By early afternoon in New York, the Nasdaq had lost over 2 percent
The losses continue a trend for Nvidia, which has lost over 13 percent of its value this month and over 19 percent since the beginning of 2025.
Apple, Microsoft, Amazon, Tesla, and Intel are also trading in the red.
Multiple tech companies, including Apple and Nvidia, assemble and manufacture products outside of the U.S., leaving them susceptible to pricing volatility if Trump keeps tariffs in place.
This isn't the first time Trump made an about-face on his tariff decisions after markets reacted poorly.
In February, the President postponed tariffs to early March after global markets entered deep red.
Then, days later, the President launched global tariffs on all aluminum and steel entering the country. The taxes on metal didn't drive any major stock swings.
During his recent address to Congress, Trump warned that the economy may incur some dark days as he imposed tariffs.
'There may be a little bit of an adjustment period - you have to bear with me,' he said during his 90-minute speech.
'Tariffs are about Making America Great Again. There may be a little disturbance.'
The import taxes are not the only factor driving Wall Street's volatility.
Stocks are also contending with signs that American consumers are pulling back spending after facing years of inflated costs.
Several major retailers - including Walmart, Target, and Best Buy - have all forecast less-than-rosy growth outlooks in 2025.
Walmart's prediction of slumping sales had the largest impact of the bunch. The Arkansas-based retailer said it expects growth of 3 to 4 percent in 2025.
Last year, the company grew by more than 9 percent.
