US equity markets experienced sharp declines during trading hours on October 10th (Beijing time), with all three major indices suffering significant losses. As of approximately 12:30 AM Beijing time on October 11th, the Nasdaq Composite had fallen 453.99 points, down 1.97%; the Dow Jones Industrial Average dropped 493.52 points, declining 1.06%; and the S&P 500 Index decreased 96.89 points, falling 1.44%. Panic sentiment swept through the markets, with the Nasdaq at one point plummeting as much as 2.54%.

The market turmoil was triggered by President Trump's aggressive social media posts on Friday, October 10th (local time), where he threatened to impose "massively increased tariffs" on Chinese goods.

Following the announcement, Wall Street traders quickly moved to sell positions, as concerns over escalating trade tensions immediately overwhelmed the market's previously optimistic sentiment. Market observers noted that "stocks rapidly erased gains... investors rushed toward safe-haven assets such as bonds and gold. The dollar retreated after experiencing its strongest week since November."

The sharp market reaction highlighted investor sensitivity to trade policy developments, with the Nasdaq's intraday plunge of 2.54% underscoring the severity of market concerns over potential trade war escalation.