The main indices on the US Wall Street stock exchange turned to decline yesterday after a slight rise at the start of the trading session, following a drop in consumer confidence in the United States and the renewed tariff war between the US and China, with US President Donald Trump threatening a sharp increase in tariffs on China amid a dispute over rare metals.

During trading, the Dow Jones index lost about 500 points following Trump’s threats regarding China, dropping 1.05% or 488 points to 45,870 points. The S&P 500 index fell 1.6% or 106 points to 6,628 points, and the Nasdaq index dropped 2.25% or 510 points to 22,512 points.

The declines came amid renewed trade tensions after Trump’s statements on the “Truth Social” platform, where he threatened a sharp increase in tariffs imposed on China. Consumer confidence in the US slightly declined amid ongoing concerns about prices and weak employment.

A monthly survey conducted by the University of Michigan revealed that the consumer confidence index fell to 55 points from 55.1 points in September, remaining about 22% lower than the reading in October 2024 at 70.5 points.

This coincided with a decline in expectations about future personal financial conditions and the ability to purchase durable goods, while issues such as rising prices and weak employment prospects remained the main concerns of consumers.