U.S. stocks plunge after Trump's tariff shock to global trade

President Donald Trump’s rollout of sweeping tariffs on virtually all U.S. imports slammed into markets Thursday as investors issued an emphatic rebuke of his effort to reorder global trade.

President Donald Trump’s rollout of sweeping tariffs on virtually all U.S. imports slammed into markets Thursday as investors issued an emphatic rebuke of his effort to reorder global trade.

The broad-based S&P 500 index plunged nearly 5% — a roughly $2 trillion wipeout — for its biggest one-day drop since June 2020, amid the depths of the Covid-19 pandemic. The Dow Jones Industrial Average likewise had its worst day since the same month five years ago, closing 4% lower. The tech-heavy Nasdaq plummeted 6%, its biggest decline since March 2020.

Retail stocks were some of the hardest-hit Thursday, as Trump’s tariffs on manufacturing powerhouses like China could climb as high as 54%. Nike shares fell 14.5%, while Lululemon shares were off 10%. Ralph Lauren lost 16%.

Oil drillers also took massive losses, led by Valero Energy, whose shares sank 15%. The price of crude tanked nearly 7% on fears of a slowdown in global growth.

https://www.nbcnews.com/business/markets/us-stocks-dow-nasdaq-sp-plummet-trump-tariffs-rcna199476

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