Dow drops 1,500 points, S&P 500 loses 4% as stock market rout on Trump's tariffs worsens: Live updates [View all]

Source: NBC NY

Stocks nosedived Thursday sending the S&P 500 back into correction territory, after President Donald Trump unveiled sweeping tariffs of at least 10% and even higher for some countries, raising the risks of a global trade war that hits the already sputtering U.S. economy.

The broad market index dropped 4%, putting it on track for its worst day since September 2022. The Dow Jones Industrial Average tumbled 1,500 points, or 3.5%, while the Nasdaq Composite fell 5%. The slide across equities was broad, with decliners at the New York Stock Exchange outnumbering advancers by six to one.

President Donald Trump unveiled on Wednesday sweeping tariffs of at least 10% and even higher for some countries, raising the risks of a global trade war that hits the already sputtering U.S. economy.

Shares of multinational companies tumbled. Nike and Apple dropped 12% and 8%, respectively. Big sellers of imported goods were among the hardest hit. Five Below lost 29%, Dollar Tree tumbled 8%, and Gap plunged 22%. Tech shares dropped in an overall risk-off mood, with Nvidia off 6% and Tesla down 6%.



Read more: https://www.nbcnewyork.com/news/business/money-report/u-s-stocks-drop-after-hours-as-trump-imposes-sweeping-tariffs-sp-500-etf-falls-2-live-updates/6210156/