Monday’s selloff was spurred by the mounting tariff war driven by President Donald Trump and the possibility of a federal government shutdown are among the reasons for the drop.
Five of the largest publicly-traded companies based in Massachusetts collectively lost more than $21 billion in market value yesterday as the stock market fell on new fears of a recession.
The S&P 500 stock index fell 2.7%, while the technology-heavy Nasdaq Composite dropped 4% yesterday in what Reuters called the biggest one-day stock drop since September 2022. The selloff was spurred by the mounting tariff war driven by President Donald Trump and the possibility of a federal government shutdown, among other factors, according to Reuters.
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