While You Were Sleeping: 5 stories you might have missed, March 11, 2025
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The Nasdaq Composite slid 4 per cent, its largest one-day decline since September 2022.
PHOTO: BLOOMBERG
DeeperDive is a beta AI feature. Refer to full articles for the facts.
US stock market loses $5 trillion in value as Trump plows ahead on tariffs
President Donald Trump’s tariffs have spooked investors, with fears of an economic downturn driving a stock market sell-off that has wiped out US$4 trillion (S$5.3 trillion) from the S&P 500’s peak last month, when Wall Street was cheering much of Mr Trump’s agenda.
A barrage of new Trump policies has increased uncertainty for businesses, consumers and investors, notably back-and-forth tariff moves against major trading partners like Canada, Mexico and China.
“We’ve seen clearly a big sentiment shift,” said Ms Ayako Yoshioka, senior investment strategist at Wealth Enhancement. “A lot of what has worked is not working now.”
The stock market selloff deepened on March 10. The benchmark S&P 500 fell 2.7 per cent, its biggest daily drop of the year. The Nasdaq Composite slid 4 per cent, its largest one-day decline since September 2022.
Ontario hits back at Trump’s tariffs with 25% electricity export surcharge
PHOTO: AFP
A Canadian province that exports electricity to the US raised power prices for three states by 25 per cent on March 10 in retaliation for President Donald Trump’s tariffs.
Ontario directed its grid operator, the Independent Electricity System Operator, to add a C$10 (S$9) per megawatt-hour surcharge to all power exported to Minnesota, Michigan and New York.
“Believe me when I say I don’t want to do this. I feel terrible for the American people,” Premier Doug Ford said. “It’s one person who is responsible. That’s President Donald Trump.”
Rubio vows to block ‘antagonistic’ language on Russia at G-7 meet
PHOTO: AFP
US Secretary of State Marco Rubio said on March 10 that the US would oppose “antagonistic” language toward Russia when Group of Seven (G-7) foreign ministers meet in Canada this week.
“Ultimately we can’t sign on to any communique that’s not consistent with our position to bring both sides to the table,” Mr Rubio told reporters as he flew to Jeddah, Saudi Arabia for talks with Ukraine.
The position is not about “taking anyone’s side, but because we feel like antagonistic language sometimes makes it harder to bring parties to the table”, Mr Rubio said.
Musk blames ‘massive cyberattack’ for series of outages on X
REUTERS
Elon Musk blamed widespread disruptions on his social media platform X on a “massive cyberattack,” which he claimed was orchestrated by a “large, coordinated group” or country.
Tens of thousands of users globally reported intermittent outages on X on March 10, according to the monitoring website Down Detector. New posts were failing to load for users in countries including the US, UK, France and India at various points throughout the day. The service disruptions lasted a few minutes each.
Mr Musk later acknowledged that the platform had experienced a site-wide disruption. “We get attacked every day, but this was done with a lot of resources,” he wrote in a post on X, the site formerly known as Twitter.
Pope Francis still improving, Vatican eyes end of hospitalisation
AFP
Pope Francis’s condition is improving and doctors no longer fear for his life, the Vatican said on March 10, indicating the 88-year-old could even leave hospital within days.
The leader of the world’s Catholics was admitted to Rome’s Gemelli hospital on Feb 14 with bronchitis, which became pneumonia in both lungs.
The Argentine suffered a series of breathing crises that sparked worldwide concern for his life, most recently on March 3.
