Wall Street slump continues as hopes of tariff concessions fade

S&P 500 falls below 5,000 for first time in almost a year

Traders work on the floor at the New York Stock Exchange in New York, Tuesday. (AP Photo/Seth Wenig)

The S&P 500 closed down below 5,000 for the first time in almost a year following Tuesday's volatile session and a strong morning rally, as investor hopes faded for any imminent US delays or concessions on tariffs ahead of a midnight deadline.

After stocks tumbled at their fastest pace since the pandemic in the last three days, investors showed some signs of hope early in the day that US president Donald Trump would soften his stance or postpone today’s deadline for tariffs.