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Stocks on the Tel Aviv Stock Exchange fell sharply Tuesday, tracking a sell-off on Wall Street that saw major U.S. indices post steep declines.
The TA-35 index dropped about 1.4% at the start of trading, while the TA-90 fell 2.2% and the broader TA-125 declined 1.6%. Bank stocks were also under pressure, with the TA-Banks index down 2.2%.
The Israeli shekel weakened against major currencies. The U.S. dollar was trading around 3.64 shekels in continuous trading, up from its representative rate of 3.62 set Monday. The euro strengthened further, reaching approximately 3.97 shekels after being set at 3.93 the previous day.
The declines in Tel Aviv followed a turbulent session on Wall Street, where the Dow Jones Industrial Average dropped 2.1%, the S&P 500 lost 2.7%, and the tech-heavy NASDAQ plunged 4%, marking its worst day since September 2022. Leading technology stocks were hit hard, with Nvidia falling 5.1%, META dropping 4.4%, and Tesla plummeting 15.4%.
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The market turmoil comes amid concerns over former U.S. President Donald Trump’s tariff policies and recent controversial statements since returning to office. In an interview with Fox News on Sunday, Trump was asked about the possibility of a recession and said, "I hate making such predictions. There’s a transition period because what we’re doing is very big. We are bringing wealth back to America. It’s a big deal."