Stock market today: Dow plunges 1,700 points, Nasdaq, S&P 500 pummeled in biggest rout since 2020

Stocks were clobbered connected Thursday arsenic markets digested President Trump's latest tariff plans.

The tech-heavy Nasdaq Composite (^IXIC) led the sell-off, plummeting implicit 6%. The S&P 500 (^GSPC) sank astir 5%, portion the Dow Jones Industrial Average (^DJI) tumbled 4%, oregon implicit 1,700 points. This marked the fifth-worst constituent driblet for the Dow successful history.

The March jobs study is acceptable for merchandise arsenic markets are successful a tailspin pursuing President Trump's stronger-than-expected tariff stance.

Fears implicit however tariffs could dilatory economical maturation and perchance propulsion the US system toward recession were astatine the forefront of a banal marketplace sell-off Thursday that saw the S&P 500 autumn much than 4%.

On Friday, different look astatine the wellness of the US system earlier astir of President Trump's tariff policies took clasp is acceptable for merchandise astatine 8:30 a.m. ET.

The Bureau of Labor Statistics' monthly jobs study is expected to amusement nonfarm payrolls roseate by 140,000 successful February, portion the unemployment complaint held dependable astatine 4.1%, according to statement estimates compiled by Bloomberg.

In February, the US system added 151,000 jobs portion the unemployment complaint moved up somewhat to 4.1%.

Here are the numbers Wall Street is expecting connected Friday, according to information from Bloomberg:

"Risks astir this study whitethorn beryllium asymmetric," Morgan Stanley main US economist Michael Gapen wrote successful a enactment to clients previewing the lawsuit anterior to the latest tariff announcements. "We deliberation it would instrumentality a batch of employment maturation to alleviate fears of a sharper slowdown successful the economy, portion a mildly below-consensus people could substance those concerns."

President Trump connected Wednesday laid retired his long-awaited plans to slap reciprocal tariffs connected countries astir the satellite — prompting warnings from Wall Street economists that the hazard of a US recession conscionable went up.

In a enactment published Wednesday, Oxford Economics economist Ryan Sweet said the system has go "dangerously vulnerable" to a recession implicit the adjacent 12 months, with the mean US tariff complaint acceptable to emergence to levels not seen successful 100 years.

Morningstar described tariffs arsenic "a self-inflicted economical catastrophe," noting recession risks implicit the adjacent twelvemonth person climbed to astatine slightest one-third, portion the planetary economical outlook volition acquisition "an wholly caller level of uncertainty."

JPMorgan economist Michael Feroli highlighted the expected deed to purchasing power, which could crook disposable income maturation antagonistic successful the 2nd fractional of the twelvemonth and declaration user spending: "This interaction unsocial could instrumentality the system perilously adjacent to slipping into recession."

Bank of America, which categorized the stagflationary script arsenic "much much apt now," said rising ostentation and falling GDP could propulsion the system "to the precipice of recession."

But immoderate accidental overarching maturation fears volition unit the Fed to enactment much aggressively.

Neil Dutta, caput of economical probe astatine Renaissance Macro, argued antagonistic maturation effects volition outweigh ostentation concerns. He's predicting 4 involvement complaint cuts by year-end, astir connected par with existent marketplace expectations betwixt 3 to four.

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In a question astir Thursday's banal marketplace sell-off driven by tariffs, President Trump said "it's going precise well."

Trump added that the "markets are going to boom" and "the state is going to boom."

Tech stocks plummeted connected Thursday, with Apple (AAPL) starring "Magnificent Seven" names little pursuing President Trump's reciprocal tariff announcement the time prior.

Shares of Apple, connected way for their worst time since March 2020, cratered implicit 8% successful day commercialized arsenic the banal erased $300 cardinal from its marketplace cap. The largest risk, according to analysts, centers connected the iPhone maker's overseas accumulation hubs, which are peculiarly susceptible to the tariffed countries.

"Apple produces fundamentally each their iPhones successful China, and the question volition beryllium astir exceptions and exemptions connected this tariff argumentation if those companies are gathering much operations, factories, and plants successful the US similar Apple announced successful February," Wedbush expert Dan Ives wrote successful a enactment to clients pursuing the announcement.

As commercialized tensions escalate, Apple has moved to summation its proviso concatenation beyond conscionable China, boosting manufacturing successful places similar India and Vietnam. But with the caller tariff announcements acceptable to interaction those countries too, there's present constricted country for reprieve.

Other Magnificent Seven players besides faced important selling action. In aggregate, that cohort of stocks is presently connected way to destruct implicit $800 cardinal from their corporate marketplace caps.

In day trade, Amazon (AMZN) and Nvidia (NVDA) each fell 7%, followed by a 6% driblet successful some Alphabet (GOOGL) and Tesla (TSLA). Meta (META) dipped 3%, portion Microsoft (MSFT) was disconnected conscionable nether 2%

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President Trump's shocking tariff announcement connected Wednesday has markets reeling arsenic investors, economists, and the nationalist effort to marque consciousness of however these actions volition measurement connected the US and planetary economies successful the months ahead.

In a enactment to clients connected Thursday, economists astatine Wells Fargo led by Brendan McKenna wrote, "Liberation Day volition besides beryllium a beardown trial of our deglobalization and fragmentation view."

The steadfast added (emphasis added):

While Trump's caller tariff programme announced Wednesday whitethorn good beryllium the commencement of what Wells Fargo calls an "escalate to negotiate" strategy, the scope and standard of the administration's tariff plans marque wide the planetary trading bid that antecedently dictated planetary concern logic is over.

And serves arsenic the benignant of chiseled interruption that cannot beryllium enactment backmost unneurotic by aboriginal administrations, nary substance their ain commercialized goals.

"We person besides observed wide signs of planetary economical fragmentation — our presumption that the planetary system is fracturing into 2 chiseled economical blocs: 1 led by the U.S. and 1 led by China — is simply a inclination that is apt to stitchery momentum successful the years up arsenic a effect of Liberation Day," the steadfast added.

"Taking deglobalization and fragmentation a measurement further, successful summation to a decisive displacement distant from China implicit the years, the Trump medication has besides signaled a displacement distant from Europe this year... Point being, Liberation Day could besides people an inflection constituent successful fragmentation."

In Wells Fargo's view, this displacement distant not lone from China but Europe creates a imaginable "tri-polar" economical bid successful which aggregate chiseled blocs of economical practice cross-tariff 1 another.

Leading to a satellite perchance much fragmented successful its commercialized goals, much fractured successful its geopolitical agreements, and much costly for businesses and consumers.

RH banal (RH) is getting shellacked contiguous connected the treble misfortunes of a anemic outlook and caller tariffs.

Shares of the luxury location furnishings retailer fell astir 40% arsenic of midday trading. The banal is present trading astatine its lowest level since 2020.

On Wednesday aft the marketplace close, RH reported that it sees gross increasing 10% to 13% for the fiscal year, beneath Wall Street's expectations. Its quarterly results besides disappointed, with gross coming successful astatine $812.4 cardinal and adjusted net of $1.58 per share.

Meanwhile, President Trump announced reciprocal tariffs, which are apt to impact RH's proviso chain. According to the company's yearly report, it sources 72% of its products from Asia, 18% from North America, and 10% from Europe and different countries.

The grade of the stock's diminution aft hours stunned RH CEO Gary Friedman, who reacted partway done the net call:

"Oh shit, OK," helium said midsentence. "I conscionable looked astatine the screen. I hadn't looked astatine it. It got deed erstwhile I deliberation the tariff came retired and everybody tin spot successful our 10-K wherever we're sourcing from. So it's not a concealed and we're not trying to disguise it by putting everything successful an Asia bucket."

As we've been penning each day, things are beauteous disfigured successful the banal marketplace connected Thursday.

The tech-heavy Nasdaq Composite (^IXIC) is down much than 4.7%. The S&P 500 (^GSPC) is down astir 3.7%. The Dow Jones Industrial Average (^DJI) has fallen astir 3%, oregon implicit 1,000 points.

Amid a oversea of red, determination are inactive immoderate stocks moving higher. The Consumer Staples (XLP) sector, considered a antiaircraft assemblage that investors flock to erstwhile acrophobic astir the economical maturation outlook, is the lone assemblage successful the green, up astir 0.9%.

Lamb Weston (LW) — astir well-known for its frozen murphy products — is the starring performer successful the S&P 500, up much than 8%. Dollar General (DG) and Kroger (KR) were some up much than 4%. Phillip Morris (PM), a shaper of cigarettes and different fashionable nicotine products similar Zyn, was up much than 3% and besides among the apical performers successful the benchmark index.

As the illustration beneath shows, this commercialized had already started playing retired during the caller sell-off, with Lamb Weston, Kroger, and Phillip Morris each successful affirmative territory implicit the past period portion the S&P 500 sank. And arsenic the selling implicit economical maturation fears intensified connected Thursday, truthful excessively did the buying into companies investors expect volition support chugging on adjacent if consumers curb their spending.

President Trump acold exceeded Wall Street's worst fears with his "Liberation Day" tariff announcements, prompting galore strategists to reconsider their antecedently optimistic outlooks.

"Whether the Bull Market has ended and a Bear Market has begun volition beryllium contingent connected each politicians’ response, home and foreign, to 'Liberation Day,'" Julian Emanuel, who leads the equity, derivatives, and quantitative strategy squad astatine Evercore ISI, wrote successful a enactment to clients Wednesday night. "Our basal lawsuit is that the Bull Market is being severely tested but volition stay intact."

Thursday's losses intensified a monthlong sell-off successful stocks that had already prompted respective Wall Street strategist to temper their expectations for the S&P 500. Now, with Trump's ample tariffs further clouding the outlook, strategists are mapping retired however overmuch further the benchmark scale could sink.

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Investors are rerating their expectations for the Federal Reserve arsenic President Trump's hefty tariffs are expected to measurement connected US economical growth.

Markets are present pricing successful 4 involvement complaint cuts for 2025, up from the scope of 2 oregon 3 conscionable a week prior, per Bloomberg data.

Renaissance Macro caput of economics Neil Dutta wrote successful a enactment Thursday greeting that helium expects the Fed to chopped "at slightest 4 times." Dutta believes the lag successful maturation from tariffs volition go the paramount interest alternatively than the imaginable upside to inflation.

Homebuilder stocks struggled connected Thursday arsenic President Trump’s tariff plans threw a large wrench into the sector, fueling fears that higher operation costs could dilatory the lodging recovery.

D.R. Horton, Inc. (DHI), the biggest US homebuilder, was down 3% Thursday, portion Lennar (LEN) and PulteGroup (PHM) fell much than 4%, respectively. The SPDR S&P Homebuilders ETF (XHB) besides declined 5%.

Trump unveiled the details of his large tariff program connected Wednesday, offering exemptions for Canada and Mexico which provided alleviation to the 2 biggest trading partners. However, China remains successful the crosshairs, inactive facing the afloat brunt of the caller tariffs, with rates present good supra 50% connected galore goods.

Steel, aluminum, and different metals are exempt, and lumber was besides spared from the caller measures.

“While the complexity of these reciprocal tariffs makes it hard to estimation the wide interaction connected housing, they volition undoubtedly rise immoderate operation costs," NAHB president Buddy Hughes said successful a connection pursuing President Trump’s tariff announcement.

"However, NAHB is pleased President Trump recognized the value of captious operation inputs for lodging and chose to proceed existent exemptions for Canadian and Mexican products, with a circumstantial exemption for lumber from immoderate caller tariffs astatine this time," Hughes added.

Tech and Consumer Discretionary stocks led marketplace losses connected Thursday with "Magnificent 7" stocks plummeting pursuing President Trump's reciprocal tariff announcement.

E-commerce elephantine Amazon (AMZN) declined much than 9% portion iPhone shaper Apple (AAPL) sank much than 8%, nearing a wipeout of astir $300 cardinal successful marketplace cap.

The Trump administration's recently announced tariffs see levies connected imported goods from China to the tune of 54%, portion products from Vietnam see duties of 46%.

Nvidia (NVDA) sank much than 6% aft the AI elephantine was besides downgraded to Hold from Buy astatine HSBC.

Medical instrumentality stocks fell connected Thursday amid a broader marketplace sell-off pinned to the Trump administration's sweeping reciprocal tariffs.

GE Healthcare banal (GEHC) tumbled much than 10% portion Intuitive Surgical (ISRG) was down much than 2% successful aboriginal trading.

Yahoo Finance's Anjalee Khemlani reports:

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Economic enactment successful the services assemblage slowed much than expected successful March.

New information from the Institute of Supply Management retired Thursday showed its services PMI decreased to 50.8 successful March, down from 53.5 successful February. Readings supra 50 bespeak enlargement successful the sector; readings beneath bespeak a contraction successful activity.

"Despite an summation successful comments connected tariff impacts and continuing concerns implicit imaginable tariffs and declining governmental spending, determination was a adjacent equilibrium successful near-term sentiment, betwixt panelists with bully outlooks and those seeing oregon expecting declines," Steve Miller, the seat of Institute for Supply Management, wrote successful the release.

Given President Trump's larger-than-expected tariff announcements connected Wednesday person already spooked fears astir economical maturation slowing, Oxford Economics elder US economist Matthew Martin wrote that Thursday's merchandise volition "exacerbate concerns implicit the wellness of the economy."

"An archetypal appraisal of the interaction of caller tariff announcements volition pb america to little our maturation forecast markedly," Martin wrote. "Odds are the system avoids a recession, but it volition beryllium dangerously vulnerable."

Stock losses accelerated connected Thursday greeting arsenic the Trump administration's tariffs against US trading partners sparked fears that a commercialized warfare volition pb to an economical slowdown oregon recession.

By 10:40 a.m. ET, the tech-heavy Nasdaq Composite (^IXIC) had tanked arsenic overmuch arsenic 5%. The S&P 500 (^GSPC) tanked much than 4%. The Dow Jones Industrial Average (^DJI) tumbled much than 3.5% — implicit 1,500 points.

Consumer Discretionary stocks were getting slammed during the session, with e-commerce elephantine Amazon (AMZN) down much than 9%.

Gold futures (GC=F) pulled backmost from their grounds precocious connected Thursday greeting but were inactive outperforming the remainder of the commodity analyzable arsenic investors reacted to President Trump’s reciprocal tariff announcement.

Futures fell much than 1% amid an wide marketplace sell-off. Meanwhile, copper (HG=F) sank astir 4% implicit fears of deteriorating request successful an escalating commercialized war.

Other commodities besides fell pursuing Trump's announcement connected Wednesday imposing tariffs connected its trading partners.

Oil sank much than 7% with losses accelerating aft the Organization of Petroleum Exporting Countries and its allies (OPEC+) announced it volition hike lipid supplies much than expected successful May.

Yahoo Finance's Brian Sozzi writes:

Read much here.

Stocks tanked connected Thursday greeting successful absorption to President Trump's wide reciprocal tariff announcement, sparking fears of a looming recision amid a full-blown commercialized war.

The tech-heavy Nasdaq Composite (^IXIC) plummeted much than 4% portion the S&P 500 (^GSPC) tanked 3.7%. The Dow Jones Industrial Average (^DJI) tumbled astir 3% — implicit 1,100 points.

From retail to Big Tech, equities crossed the committee tumbled. Megacap giants similar Apple (AAPL) sank much than 7% implicit concerns of a disruption to proviso chains successful China, the root of cardinal iPhone components. Nvidia (NVDA) and different spot stocks besides declined amid akin concerns.

Meanwhile, lipid futures tanked much than 7% aft members of the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to hike proviso much than expected successful May, deepening terms declines sparked by President Trump's reciprocal tariff announcement.

The imaginable of a commercialized warfare sparking a slowdown — oregon worse, a recession sent commodities little crossed the board.

Yahoo Finance's Brian Sozzi writes:

Read much here.

Oil futures tanked much than 6% connected Thursday greeting aft members of the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to hike proviso much than expected successful May, deepening terms declines sparked by President Trump's reciprocal tariff announcement.

West Texas Intermediate (CL=F) fell to hover beneath $67 per barrel, portion Brent (BZ=F), the planetary benchmark price, declined to $70.

The lipid cartel's determination to adhd 411,000 barrels a time to the marketplace adjacent period steepened losses successful futures contracts aft the Trump medication announced sweeping tariffs connected its trading partners.

While vigor was exempt from the levies announced connected Wednesday, the determination escalated the commercialized war, raising concerns astir planetary demand. The tariffs sparked fears of economical slowdown, affecting lipid markets.

Tariffs connected goods imported from China present full 54%. The Asian state is the world's largest importer of crude oil.

"54% tariff connected China is simply a important antagonistic surprise. The tariffs connected increasing emerging economies that lend astir to crude request maturation (not implicit demand) are getting deed the hardest," CIBC Private Wealth elder vigor trader Rebecca Babin told Yahoo Finance.