Wall Street Closes Down After Trump’s Trade Agreement Comments

On May 6, 2025, Wall Street saw a decline following President Donald Trump’s remarks concerning global trade agreements, which dashed hopes of imminent progress on tariffs. Investors are now awaiting the Federal Reserve’s decision on interest rates. Specifically, the Dow Jones Industrial Average fell by 0.95%. The S&P 500 dropped 0.77%, and the Nasdaq decreased approximately 0.87%. Tesla shares fell over 2% after sales of new cars in the UK and Germany hit their lowest level in more than two years in April, despite increased demand for electric vehicles. Goldman Sachs shares dipped slightly below 1%, dragging the Dow lower. Tech giants Nvidia and Meta Platforms also recorded losses. Market volatility ensued after Trump met with Canadian Prime Minister Mark Carny today, signaling the start of negotiations between the two leaders since Carny took office earlier this year. During the meeting, Trump retreated from promises about impending trade deals, stating that ‘we don’t need to sign agreements,’ contradicting earlier comments by Treasury Secretary Scott Bessent who said on CNBC that ‘we’re very close to some agreements.’