Dow Topples as Post-Tariff Selloff Accelerates
April 03,2025 04:34 pm EST
Stocks nosedived Thursday, sending the S&P 500 back into correction territory, after President Donald Trump unveiled sweeping tariffs of at least 10% for some countries. The news intensified a recent selloff and raised the risk of a global trade war that hits the already sputtering U.S. economy.
The Dow Jones Industrials stumbled 1,679.39 points, or 4%, to finish a traumatic session at 40,545.93.
The much-broader index discarded 274.45 points, or 4.8%, to 5,396.52, putting it on track for its worst day since September 2022
The NASDAQ dropped 1,050.44 points, or 6%, to 16,550.60.
Shares of multinational companies tumbled. Nike spun out 13% and Apple 10%. Big sellers of imported goods were among the hardest hit. Five Below lost 26%, Dollar Tree tumbled 12%, and Gap plunged 21%. Tech shares dropped in an overall risk-off mood, with Nvidia off 7% and Tesla down 5%.
The White House unveiled a baseline tariff rate of 10% on all countries that goes into effect on Saturday. Even bigger duties against countries that levy higher rates on the U.S. will be charged in coming days, according to the administration.
Prices for the 10-year Treasury rose sharply, lowering yields to 4.06% from Wednesday's 4.18%. Treasury prices and yields move in opposite directions.
Oil prices lost $4.98 to $66.73 U.S. a barrel.
Prices for gold swooned $42.60 to $3,123.50 U.S.
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