03.04.202518:28:44UTC+00Wall Street Plunges as Trump’s Tariffs Spark Market Turmoil

U.S. stocks experienced a significant drop on Thursday, as President Trump's extensive tariff impositions rattled global markets. The S&P 500 declined by 4%, erasing an estimated $2 trillion in market value and placing it back into correction territory. Meanwhile, the Dow Jones Industrial Average fell by over 1,400 points, and the Nasdaq Composite saw a decrease of more than 5%. These market reactions were fueled by concerns regarding economic growth prospects and disruptions to supply chains, as the newly imposed 10% baseline tariff along with increased duties on key trading partners such as China became key focal points. Technology stocks were hit hardest during the sell-off, with Apple Inc. dropping by 9% and Nvidia Corporation falling by 7%. Additionally, major retailers, including Nike Inc. and Dollar Tree Inc., recorded double-digit declines. Despite the severe downturn, traders observed that the sell-off maintained an orderly pattern, though worries surrounding inflation and market volatility continued. With the tariffs scheduled to take effect on April 5, followed by further levies being introduced shortly after, uncertainty is expected to linger and affect market sentiment in the short-term future.