Stocks plummeted Thursday, sending the S&P 500 back into correction territory for its biggest one-day loss since 2020, after President Donald Trump unveiled sweeping tariffs, raising the risk of a global trade war that plunges the economy into a recession.
The broad market index dropped 4.84% and settled at 5,396.52, posting its worst day since June 2020. The Dow Jones Industrial Average tumbled 1,679.39 points, or 3.98%, to close at 40,545.93 and mark its worst session since June 2020. The Nasdaq Composite plummeted 5.97% and ended at 16,550.61, registering its biggest decline since March 2020. The slide across equities was broad, with more than 400 of the S&P 500′s constituents posting losses.
Thursday’s moves sent the S&P 500 to its lowest level since before Trump’s election win in November. The benchmark now sits about 12% from its record close touched in February.
Shares of multinational companies tumbled. Nike and Apple dropped 14% and 9%, respectively. Big sellers of imported goods were among the hardest hit. Five Below lost nearly 28%, Dollar Tree tumbled 13% and Gap plunged 20%. Tech shares dropped in an overall risk-off mood, with Nvidia off almost 8% and Tesla down more than 5%.
A baseline tariff rate of 10% on all countries goes into effect April 5. Even bigger duties against countries that levy higher rates on the U.S. will be charged in coming days, according to the administration.
On Thursday, the president acknowledged the market sell-off and likened the implementation of tariffs to “an operation, like when a patient gets operated on.”
“The markets are going to boom. The stock is going to boom. The country is going to boom. And the rest of the world wants to see is there any way they can make a deal,” Trump said.
Source: https://www.cnbc.com/2025/04/02/stock-market-today-live-updates-trump-tariffs.html