President Donald Trump’s rollout of sweeping tariffs on virtually all U.S. imports shattered markets Thursday, as investors emphatically rebuked his effort to reorder global trade.
As of late morning, trillions of dollars were wiped out as the S&P 500 tumbled more than 3.7%. The broad-based stock index is on track for its worst day since 2022. The Dow Jones Industrial Average fell 3.1%, or 1,300 points, and the tech-heavy Nasdaq plunged 4.8%. The Nasdaq is on pace for its worst day since the onset of the pandemic in 2020.
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Retail stocks were some of the most brutal hit Wednesday, as Trump’s tariffs on major manufacturing and exporting nations such as China could climb as high as 54%. Lululemon and Nike shares both plummeted by more than 11%, and Ralph Lauren lost nearly 16%.
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