US stocks slumped today as President Donald Trump’s tariffs roiled global markets. New York Stock Exchange trader Peter Tuchman joins CNN’s Erin Burnett to discuss the mood on the floor on the market’s worst day since 2020.

New York

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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US stocks experienced a significant downturn amid global market disruption attributed to tariffs imposed by then-President Donald Trump. According to New York Stock Exchange trader Peter Tuchman, the atmosphere on the trading floor was markedly tense and somber, reminiscent of the early days of the COVID-19 pandemic. Tuchman noted that the uncertainty and unexpected nature of the market's decline contributed to a sense of confusion and frustration among traders.

During a conversation with CNN's Erin Burnett, Tuchman recalled a previous encounter with television personality Jim Cramer during the financial crisis, drawing parallels to the current situation. He expressed dismay over the market's volatility and the unpredictability associated with factors influencing the trade deficit figures. Tuchman highlighted the substantial financial losses being experienced, with billions and trillions of dollars disappearing from the market.

Tuchman had anticipated a potential turnaround in market performance, expecting a resolution or clarification to end a six-week streak of aggressive selling. However, the anticipated rally did not materialize, with the market closing at its lowest level for consecutive days. Tuchman noted that traditionally, such selloffs might be followed by a recovery, but in this instance, continued declines occurred even after trading hours.



NYSE trader describes mood on the floor on worst day since 2020

Peter Tuchman is with us, one of the most well-known traders on the New York Stock Exchange. Your expression today, as always, says it. We have an image of you there on the floor. I mean, Peter, you know, in an odd way, you know, we are in a moment in history. We are in a moment in history. No doubt. I mean, what was it like today on the floor? You know what? I have to admit, the mood was really, it's not that often that you really get a sense. I would think the last time was probably the beginning days of COVID, where you just sort of had a darkness around the room. And today was clearly that. You know, I mean, I was reminded when I ran into Jim Cramer in the green room of that day you had a conversation with him. It was probably around the financial crisis. It was. When he famously was screaming, they know nothing. He was screaming at you, they know nothing, they know nothing. And I was reminded of it. And I felt like I was going to, I'm going to come out here and do the exact same thing, because it's unbelievable. They know nothing. I mean, they are, the formula that they used for these numbers yesterday with trade deficit, you know, it's like apples, oranges, a couple of cashews divided by 10 times 4. I mean, none of it makes any sense. And millions and trillions of dollars, billions and trillions of dollars are being wiped out of the market on a day-to-day basis. I had it a bit wrong. I thought yesterday he was going to unfold this story after we've had these six weeks of aggressive selloff. And I thought he was going to lay it out. And you know, Wall Street can handle virtually anything except uncertainty and surprises. I felt like this was going to be the big reveal. And that we were going to sort of, OK, whether we understand it or not, this is the story. And then we were going to reverse and have a nice rally. I couldn't have been more wrong. And today's selloff was, it wasn't even a capitulation. It was a bit of a devastating day on the market. I mean, what's also significant is we closed at the low for another day in a row. Normally, when you have a huge selloff for a particular reason- Pops at the end. Right. It's not a nice term. But bottom feeding or people, there's a bid in the market at the end of the day where people are seeing that, you know, probably going to be a rally. We closed at the low and sold off another 35 panels in the S&P after we were done trading. So it was just nothing but, you know, blood in the streets, in my opinion.

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Orem

Charlie Kirk shooting suspect held without bail

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Chicago

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Middle East Conflict

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Tunis

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Brasilia

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Jerusalem

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Doha

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Fort Pierce

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Washington

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Warsaw

Ukraine Invasion

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London

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Kathmandu

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Paris

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