S&P 500 Tumbles as Tariff War Ignites Growth Fears
US stocks tumbled Thursday, sending the S&P 500 Index back into correction territory to erase nearly $2 trillion in value as President Donald Trump's drastic new trade tariffs ignited widespread recession fears and left investors seeking out safe-haven bonds and the yen.
The American equities benchmark plunged over 3% — following global markets sharply lower from Tokyo to London — and putting it on course for its biggest drop since September 2022. The Nasdaq 100 Index sank nearly 4%, driven by Apple Inc. 's 8.2% loss, the biggest laggard among the Magnificent Seven stocks. Stocks tied to the economy's health fell, with Nvidia Corp., Micron Technology Inc. and Dell Technologies Inc. all trading lower. Automakers General Motors Co. and Ford Motor Co. each fell while Nike Inc. dropped 11%.
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Anteris Technologies Global (ASX:AVR) investors are sitting on a loss of 66% if they invested three years ago
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On the high side, if included and passed, the amendment could see 3.29 million acres of land pass from public to private ownership. The amendment exempts lands within national parks, national monuments, wilderness areas, national recreation areas, as well as land with mining claims, grazing permits, mineral leases and right-of-ways. However, a Justice Department legal opinion released June 10 states that the administration could revoke national monument status from lands created under previous administrations. Supporters of the amendment say that affordable housing could be built on former public land. Those opposed, including Sen. Martin Heinrich (D-NM), a ranking Democrat on the Senate Energy and Natural Resources Committee, say the amendment will only benefit wealthy private investors while reducing outdoor recreation opportunities, including mountain biking. The bill is currently being debated in the Senate and will come to a vote after any changes are made and Republicans are confident the bill will pass a full Senate vote. If passed, the bill would then go to the President's desk for his signature, becoming law. Conservation and outdoor recreation groups, including the International Mountain Biking Association, are encouraging the public to contact their Senate representatives to make their opinions regarding the bill known. Contact information can be found at This story was originally reported by BikeMag on Jun 12, 2025, where it first appeared.
