U.S. stocks tumbled on Thursday amid investor jitters over President Donald Trump's sweeping tariffs of at least 10% or higher for an array of trade partners. The S&P 500 dropped 3.6%, setting it up for its worst day since September 2022, while the Dow Jones Industrial Average lost 1,300 points, or more than 3%. The Nasdaq Composite suffered over a 4% loss.
The risk of a trade war and the disruption of supply chains have landed a blow on American companies like Nike, Apple and Gap, which dropped 11%, 9% and 20% respectively. Foreign stocks have also suffered, with the European benchmark Stoxx 600 falling by 2% and Japan's Nikkei slumping by 2.7%.
