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A number of stocks fell in the afternoon session after President Trump threatened to impose "massive" new tariffs on Chinese imports, reigniting trade war fears.
The unexpected announcement shattered a monthslong calm on Wall Street, sending major indices tumbling. The S&P 500 dropped around 1.3%, while the tech-rich Nasdaq Composite fell 1.7%. Investors reacted by selling off stocks, particularly in the technology and retail sectors, amid concerns that escalating trade tensions could disrupt global supply chains and increase costs for companies. The sell-off marked a significant reversal from the morning's slight gains, highlighting the market's sensitivity to geopolitical trade developments.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
Skillz’s shares are extremely volatile and have had 45 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 10 days ago when the stock dropped 4.2% on the news that a steeper-than-anticipated drop in U.S. consumer confidence raised alarms about future consumer spending.
The Conference Board reported its consumer confidence index fell to 94.2 in September, its lowest reading since April. The decline was attributed to growing pessimism among Americans regarding inflation and a weakening job market. This data is particularly concerning for companies reliant on discretionary spending, such as those in online retail, travel, and the gig economy, as reports suggest a bleak consumer outlook could curb spending on non-essential items and services. The survey's Expectations Index, a measure of short-term outlook, has remained below a key threshold that often signals a future recession, adding to investor concerns about the economic landscape.
Skillz is up 37.5% since the beginning of the year, but at $7.33 per share, it is still trading 19.4% below its 52-week high of $9.09 from August 2025. Investors who bought $1,000 worth of Skillz’s shares 5 years ago would now be looking at an investment worth $26.27.
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