Trump slump: US stocks slide while safe havens gain

US stocks dropped after the market opened today while safe haven assets gained amid political upheaval.

After the opening bell, the S&P 500 dropped 1.1 per cent, the Dow Jones Industrial Average slid 1.07 per cent and the Nasdaq fell 1.05 per cent. The broader Russell 2000 index was down 1.65 per cent.

The dollar also dropped 0.4 per cent, but gold, traditionally seen as a safe haven asset, gained 1.78 per cent from its previous closing price, rising to $1,258.40 per ounce.

The so-called Trump bump has turned into a slump after the US President came under fire for sharing classified information with Russian officials at a meeting in the White House.

"Gold has sharply rallied after the revelations from the White House as investors seek safe-haven assets. The precious metal’s climb, alongside the Japanese Yen and US Treasuries, has been helped further by the US dollar trading at its lowest level in 6-months, making its relative price cheaper," said analysts at Accendo Markets.

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