Mumbai, Feb. 28 -- The Nasdaq plunged 530.84 points (2.8%) to a nearly four-month closing low of 18,544.41. The S&P 500 also slumped 94.49 points (1.6%) to a one-month closing low of 5,861.57 while the narrower Dow fell 193.62 points (0.5 %) to a one-month closing low of 43,239.50.

Stocks initially benefited from a positive reaction to earnings news from Nvidia (NVDA), which reported better than expected fourth quarter results. However, shares of Nvidia subsequently tumbled by 8.5% as the AI darling and market leader also warned about increase global competition.

The previously paused 25% tariffs on imports from Mexico and Canada will come into effect on 4thMarch with an additional 10% tariff on imports from China will also be imposed o...