Stock market today: S&P 500, Nasdaq tank, Dow drops over 1,000 points as Trump's tariffs rip through markets worldwide

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 Producing 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 Producing 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.

Data from the Department of Labor released Thursday greeting showed 219,000 archetypal jobless claims were filed successful the week ending March 29, down from 225,000 the week anterior and beneath the 225,000 economists had expected.

Meanwhile, 1.9 cardinal continuing claims were filed, up by 56,000 from the week prior. This marked the highest level of continuing claims for unemployment benefits since November 2021.

In a abstracted merchandise from information from occupation placement steadfast Challenger, Gray & Christmas showed occupation cuts soared successful February to 275,240 successful March, up from 172,017 successful February. More than 216,000 of those cuts were related to Elon Musk's Department of Government of Efficiency (Defforts.

“Job chopped announcements were dominated past period by Department of Government Efficiency [DOGE] plans to destruct positions successful the national government. It would person different been a reasonably quiescent period for layoffs,” Andrew Challenger, elder vice president and workplace adept for Challenger, Gray & Christmas said successful a release.

Auto stocks fell successful premarket trading Thursday arsenic President Trump's 25% car tariffs took effect. However, the losses weren't arsenic terrible arsenic successful different sectors similar tech and retail.

Tesla banal (TSLA) led the declines, dropping 5.8%, arsenic smaller income of its EVs successful Germany and yesterday's deliveries fig besides weighed connected the stock. Shares of Tesla roseate connected Wednesday connected reports that CEO Elon Musk would measurement backmost from his authorities relation successful the coming weeks.

As for the Big Three automakers, General Motors banal (GM) fell 2.7%, Ford (F) declined 2%, and Stellantis (STLA) was down 1.3%.

European automakers BMW (BMW.DE), Mercedes-Benz (MBG.DE), and Volkswagen (VOW3.DE) each fell 2%, portion Ferrari (RACE) and Porsche (P911.DE) were down implicit 1%.

Hyundai (HYMTF) and Honda (HMC) were down much than 1.5%, portion Toyota (TM) fell 3.6%.

Bloomberg reports:

Read much here.

Copper (HG=F) futures fell 2.6% connected Thursday greeting amid worries that a slowdown would dampen request for the concern metal.

Prices mislaid crushed adjacent aft the White House indicated that energy, steel, copper, and golden would beryllium exempt from the tariffs announced connected Wednesday, successful what President Trump called "Liberation Day."

But lipid futures tanked aft the US imposed reciprocal tariffs connected goods imported from different countries, which fueled concerns of an economical slowdown that would deed demand.

West Texas Intermediate crude (CL=F) dropped 6% to commercialized beneath $68 per barrel, portion Brent futures (BZ=F) besides declined astir 6% to nether $71 a barrel.

Elsewhere successful the commodity complex, golden futures (GC=F) retreated 1.7% arsenic precious metals joined the planetary sell-off successful assets. Prices initially surged aft Trump's announcement, but person since reversed gains successful a retreat from the records precocious deed arsenic investors sought harmless haven.

Yahoo Finance's Brian Sozzi reports:

Read much here.

Before the bell, futures tied to the Nasdaq led the mode down — astir 4%. Dow futures dropped implicit 1,200 points, and S&P 500 futures tanked by 3.4%.

Economic data: Challenger jobs cuts (March); Initial jobless claims (week ending Mar. 29); S&P Global US composite PMI (March final); S&P Global US services PMI (March final); ISM services scale (March)

Earnings: Conagra Brands (CAG), Lamb Weston (LW), Guess (GES)

On Wednesday, President Trump unveiled plans for reciprocal tariffs connected countries worldwide, starting astatine 10%, with further duties for nations labeled the "worst offenders." The determination unsettled markets connected Thursday arsenic investors reacted to the news.

Here are immoderate of the biggest stories you whitethorn person missed overnight and aboriginal this morning:

Trump sets 10% planetary tariff, slaps bigger duties connected definite partners

Trump's tariffs marque the likes of Nike un-investable: What Wall Street is saying

Here's each state facing Trump's 'Liberation Day' tariffs

Investors hunt for tariff-proof trades arsenic caller commercialized world hits

'Biggest taxation hike' since the '40s: How Trump's tariffs could bite

Here's each state facing Trump's 'Liberation Day' tariffs

Nvidia, TSMC, spot stocks autumn connected sweeping reciprocal tariffs

Musk stepping distant from DOGE could payment Trump and Tesla

China stocks, yuan tumble aft bigger-than-expected Trump tariffs

Oil prices dropped aft US President Donald Trump imposed harsh tariffs connected cardinal trading partners, including China and the EU. While vigor was exempt, the determination escalated the commercialized war, raising concerns astir planetary demand. The tariffs sparked fears of economical slowdown, affecting lipid markets.

Brent crude (BZ=F) declined arsenic overmuch arsenic 4% to $71.55 a barrel, tracking a slump successful wider markets.

Bloomberg News reports:

Read much here.

Apple (AAPL) shares fell implicit 7% earlier the bell, inactive starring the sell-off successful tech stocks that followed Trump's bigger-than-expected tariffs.

Apple's overseas accumulation hubs are peculiarly vulnerable, fixed the iPhone maker's beingness successful China, Vietnam, and India. These countries volition look tariffs of 34%, 46%, and 26%, respectively, erstwhile further levies are taken into account.

"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 said successful a enactment to clients connected Wednesday.

Elsewhere successful techs, spot stocks should besides look important pressure, with Nvidia (NVDA) and others exposed to China and Taiwan proviso chains.

"The interest volition beryllium astir pricing and borderline impacts on with what this means for the planetary proviso concatenation looking forward," Ives said.

For now, the expert continues to judge large negotiations volition hap implicit the coming months arsenic companies effort to navigate "this caller satellite of tariffs." Until then, helium warned, "tech stocks volition intelligibly beryllium nether large pressure."

Gold (GC=F) pulled backmost connected Thursday aft hitting a caller record, arsenic President Donald Trump's wide “reciprocal” tariffs rattled planetary markets.

Bloomberg News reports:

Read much here

Stocks successful Europe tumbled aft Trump imposed a 20% tariff connected US imports from the EU, drafting a menace of retaliation from its apical trading partner.

The pan-European benchmark Stoxx 600 (^STOXX) was trading 1.4% little connected Thursday, with the basal material, user merchandise and concern sectors starring the declines.

Germany’s DAX (^GDAXI) Index slid 1.3%, portion France's CAC 40 (^FCHI) slumped 1.6%.

The FTSE 100 (^FTSE) fell 1.2%, with slope and mining stocks taking a hit, though the UK faces conscionable the baseline 10% US tariff connected its goods.

Fears are that the caller tariffs volition harm Europe's economy, arsenic Bloomberg reports:

Read much here.

Japan's Nikkei 225 banal scale closed astatine its lowest level successful astir 8 months amid an exodus from shares of automakers and electrical appliance makers successful the aftermath of Trump's caller tariffs.

The blue-chip benchmark sank 2.8% arsenic investors weighed the interaction of further 24% duties connected US imports of Japanese goods.

“The further 24% tariffs connected Japanese goods volition person a important interaction connected Japanese stocks,” said Jumpei Tanaka, caput of concern strategy astatine Pictet Asset Management, told Bloomberg.

There’s a increasing accidental that the Bank of Japan volition refrain from raising involvement rates, “leading to unit connected slope stocks, which person been rising since the opening of the year," Tanaka added.

The broader Topix Index successful Tokyo fell 3.1%, with banks contributing importantly to its losses.

US-listed Nike (NKE) shares fell implicit 8% premarket connected Thursday aft US President Donald Trump imposed steep caller tariffs connected cardinal sourcing markets, including Vietnam, Indonesia, and China.

Reuters reports:

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As markets sold disconnected precocious Wednesday, President Trump touted the home investments from Big Tech arsenic companies similar Apple (AAPL), Nvidia (NVDA), and others pledge billions to grow their respective footprints successful the United States.

"Apple is going to walk $500 billion. They ne'er spent wealth similar that here," Trump said, referencing the company's plans to put successful its US operations implicit the adjacent 4 years, which volition see plans to physique a caller manufacturing factory, treble its precocious manufacturing fund, and prosecute 20,000 people.

Apple (AAPL) shares inactive fell implicit 7% successful after-hours trading fixed its vulnerability to countries acceptable to beryllium deed by accrued tariffs.

Trump added that Apple's concern volition beryllium matched by Oracle (ORCL), ChatGPT creator OpenAI, and Japanese conglomerate SoftBank (9984.T) — a motion to the $500 cardinal 'Stargate' AI task announced earlier this year.

At the time, Trump claimed the task would make "over 100,000 American jobs astir immediately."

Plus, "Nvidia, a blistery company, is investing hundreds of billions of dollars" into the US proviso chain, Trump said. And "TSMC — the biggest and astir important institution successful the satellite of chips from Taiwan — with nary concern from us, is investing $200 billion."

TSMC (TSM) announced past period that it plans to put an further $100 cardinal successful precocious semiconductor manufacturing successful the US. This is successful summation to its ongoing $65 cardinal concern successful its manufacturing operations successful Phoenix, Ariz.

"They said the crushed was No. 1, the predetermination connected Nov. 5. And No. 2, the tariffs," Trump said. "They don't privation to wage the tariffs. And the mode they're not paying it is to physique their plants here."

Similar to Apple and different Big Tech players, semiconductor stocks besides dropped successful after-hours commercialized with Nvidia falling 5% portion Broadcom (AVGO) and Intel (INTC) dropped 5% and 4%, respectively.

Tech stocks sold disconnected pursuing Trump's sweeping tariff announcements. Apple (AAPL) led the declines arsenic shares fell implicit 7% successful after-hours trading.

Apple's overseas accumulation hubs are peculiarly vulnerable, fixed the iPhone maker's beingness successful countries similar China, Vietnam, and India. These countries volition look 34%, 46%, and 26% tariffs, respectively.

"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 said successful a enactment to clients connected Wednesday.

Chip stocks besides faced important pressure, fixed the vulnerability to China and Taiwan proviso chains. Nvidia (NVDA) banal slipped 5%, portion TSMC (TSM) and Broadcom each dropped astir 5%.

"The interest volition beryllium astir pricing and borderline impacts on with what this means for the planetary proviso concatenation looking forward," Ives said.

For now, the expert believes large negotiations volition hap implicit the coming months arsenic companies effort to navigate "this caller satellite of tariffs." Until then, helium warned, "tech stocks volition intelligibly beryllium nether large pressure."

President Trump amazed markets again connected Wednesday, announcing steep reciprocal tariffs connected a scope of trading partners successful summation to a "baseline" reciprocal tariff complaint of 10% successful a determination that sent markets tumbling.

"The tariffs were decidedly worse than we had anticipated," Deutsche Bank elder US economist Brett Ryan told Yahoo Finance.

For example, Chinese imports are acceptable to beryllium deed by a 34% tariff portion imports from the European Union volition beryllium dealt 20% tariffs. Trump said the tariff calculations were really lone "half" of what they could've been had the medication chose to lucifer White House estimates of however different countries tariff the US.

Stocks sold disconnected sharply pursuing Trump's announcement.

The diminution successful US banal futures was led by Nasdaq 100 futures, which were down much than 4.5% adjacent 6:15 p.m. ET. S&P 500 futures were down 3.5% portion contracts tied to the Dow were disconnected person to 2.2%.

Read much here.