Mumbai, March 4 -- The Nasdaq dove 497.09 points or 2.6% to 18,350.19, the S&P 500 tumbled 104.78 points or 1.8% to 5,849.72 and the Dow slumped 649.67 points or 1.5% to 43,191.24. The substantial weakness that emerged on Wall Street came amid concerns about the economic impact of President Donald Trump's proposed tariffs.

The Commerce Secretary Howard Lutnick described the proposed 25% tariffs on imports from Mexico and Canada as fluid but said the additional 10% tariff on imports from China is set. Trump later clarified that the 25% tariffs on imports from Mexico and Canada will take effect tomorrow and reciprocal tariffs on other U.S. trade partners will be imposed on April 2nd.

The Institute for Supply Management's February report s...