US stocks plunged on Thursday as investors reacted to President Trump's latest tariff announcement. The S&P 500 tumbled 3.2%, the Nasdaq plummeted 4.1%, and the Dow Jones sank about 1,060 points. On Wednesday, Trump unveiled a baseline 10% tariff on all imports, set to take effect on April 5, with around 60 countries facing even higher levies—54% for China, 20% for the EU, and 46% for Vietnam.
Both China and the EU have already pledged retaliatory measures, stoking fears of a prolonged trade war, a potential US recession, and mounting inflationary pressures.
Consumer discretionary, tech and energy were the worst performing sectors while consumer staples and utilities managed to stay in the green.
Companies with global supply chains and heavy reliance on imports were hit hardest, with Apple plunging 7.8% and Nike tumbling 10%. Megacap stocks also saw sharp losses, including Microsoft (-2.7%), Nvidia (-5.4%), Amazon (-6.7%), Meta (-6.6%), Alphabet (-3.6%), and Tesla (-3.5%).
Source: Trading Economics
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