[New York Stock Market Briefing] Major indices fall simultaneously due to car tariff announcement... Tesla down 5%

"25% tariff on foreign cars imported to the US"

The New York stock market closed lower as it shrank due to the announcement of US car tariffs.

On the 26th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average closed at 42,454.79, down 0.31% from the previous trading day. The Standard & Poor's (S&P) 500 index fell 1.12% to 5,712.20, and the tech-heavy Nasdaq index ended trading at 17,899.01, down 2.04%.

US President Donald Trump held a press conference at 4 p.m. (Eastern Time) and officially announced that a 25% tariff would be imposed on foreign cars imported to the US, following steel and aluminum. This was revealed ahead of the 'reciprocal tariff' imposition on the 2nd of next month, starting with car tariffs.

President Trump said, "What we will do is impose a 25% tariff on all cars not produced in the US." Since President Trump took office on January 20, this is the second time tariffs have been imposed by item, following steel and aluminum (March 12).

CNBC said, "Concerns about the impact of protectionist policies have recently burdened the stock market," and evaluated that "the S&P 500 index has entered a correction territory, falling more than 10% since February."

By stock, car manufacturers' stock prices generally fell. Tesla's stock price ended trading at $272.06, down 5.58%, ending its five-day rally of about 30%. General Motors (GM) and Stellantis stock prices fell 3.12% and 3.55%, respectively.

The large tech stock group 'Magnificent 7' (M7) also fell simultaneously. Nvidia's stock price closed at $113.76 (167,136 KRW), down 5.74% from the previous day. Additionally, △Apple 0.99% △MS 1.31% △Amazon 2.23% △Google 3.27% △Meta 2.45% fell.

Jongdong Noh, Hankyung.com reporter dong2@hankyung.com