US Stocks Plunge Deeply
US stocks plunged on Thursday (4/3) as investors reacted to President Trump’s latest tariff announcement. The S&P 500 plunged 3.2%, the Nasdaq tumbled 4.1%, and the Dow Jones dropped about 1,060 points. On Wednesday, Trump announced a 10% floor tariff on all imports, which will go into effect on April 5, with about 60 countries facing higher levies—54% for China, 20% for the EU, and 46% for Vietnam.
Both China and the EU have vowed to retaliate, fueling fears of a prolonged trade war, a potential US recession, and rising inflationary pressures. Discretionary consumer goods, technology, and energy were the worst-performing sectors, while consumer staples and utilities held steady. Companies with global supply chains and heavily dependent on imports were hit the hardest, with Apple falling 7.8% and Nike dropping 10%. Megacap stocks also suffered 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
