A wave of fresh US tariffs announced by President Donald Trump has wiped out nearly $2 trillion from the US stock market, sending Wall Street into a downwards frenzy for the second consecutive day.
Technology stocks bore the brunt of this sell-off, with some of the biggest names slipping nearly 9%: Apple Inc fell 8.93% to trade at $203.90, with Amazon Inc and Meta Platforms Inc trailing at 8.84% to $178.68 and 8.16% to $536.31, respectively.
Tesla Inc. fell 7.05% to $262.82, while Nvidia Corp. slipped 6.90% to $102.80. Microsoft Inc. also fell 2.78% to trade at $371.52.
"This was the worst-case scenario for tariffs and was not priced into markets, which is why we are seeing such a risk-off reaction," said Mary Ann Bartels of Sanctuary Wealth in an interview with Bloomberg.
Investors are now bracing for a broader economic slowdown. "If these tariffs stick, the economy is going to slow down," Bartels warned. "Whether it's a recession or not, it's clear that the economy is headed for a slowdown in the US and around the world."
All three major indices opened sharply lower on Thursday, with the S&P 500 sinking 3.34% to 5,481.50, the Dow Jones Industrial Average down 2.88% at 41,017.54, and the Nasdaq Composite plunging 4.32% to 16,840.38.
Crypto and Commodities Also Slide
The sell-off wasn't limited to equities. Bitcoin, the world's largest cryptocurrency, tumbled 4.1% to $82,101.21. Meanwhile, oil and gold prices remained volatile as investors sought safe havens.
Spot gold was trading 0.73% lower at $3,110.19, giving it its gain from right after the tariffs were announced.
Brent crude plummeted 6.84% to $69.85, with West Texas Intermediate following similar losses of 6.12% at $66.13.
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