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Stocks cratered Thursday 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 S&P 500 dropped 3.6%, putting it on track for tis worst day since September 2022. The Dow Jones Industrial Average tumbled 1,300 points, or more than 3%. The Nasdaq Composite slid 3%. The slide across equities was broad, with decliners at the New York Stock Exchange outnumbering advancers by six to one.

Shares of multinational companies tumbled. Nike and Apple dropped 11% and 9%, respectively. Big sellers of imported goods were among the hardest hit. Five Below lost 25%, Dollar Tree tumbled 9%, and Gap plunged 20%. Tech shares dropped in an overall risk-off mood, with Nvidia off 5% and Tesla also down 3.5%.

The White House unveiled a baseline tariff rate of 10% on all countries that goes into effect April 5. Even bigger duties against countries that levy higher rates on the U.S. will be charged in coming days, according to the administration.

“We will charge them approximately half of what they are and have been charging us,” said Trump in a press conference from the White House Rose Garden. “So, the tariffs will be not a full reciprocal.”

That halved figure includes “the combined rate of all their tariffs, non-monetary barriers and other forms of cheating,” he said.

These rates will end up being much higher than investors had expected for many nations. For example, the effective tariff rate for China will now be 54% when accounting for the new reciprocal rate and duties already levied against the country, the White House clarified to CNBC. Traders had hoped a 10% to 20% rate would be a universally applied cap, not a minimum starting point.

“This was the worst case scenario for tariffs and were not priced-into the markets, which is why we are seeing such a risk-off reaction,” said Mary Ann Bartels, chief investment strategist, Sanctuary Wealth. “The big question is if 5,500 can hold on the S&P 500. If it cannot hold, we may see another 5-10% downside, which could likely point to a bottom of 5,200-5,400.”

Investors turned to Treasury yields in their search for safety. The benchmark 10-year Treasury yield dropped 15 basis points to 4.04%.

The S&P 500 rose for a third day Wednesday on hopes Trump would not announce a severe tariff plan on the risk it would tip the economy into a slowdown and raise already sticky inflation.

The benchmark has been hit hard since late February with it falling into correction territory — or 10% down from its record — because of the heightened uncertainty caused by Trump’s ongoing tariff announcements. This uncertainty has started to show up in some sluggish economic data, which further pressured stocks by heightening recession fears.

“If he would have come in with just the 10%, I think the markets would probably be up quite a bit right now,” said Larry Tentarelli, chief technical strategist at the Blue Chip Trend Report. “But because the tariffs came in bigger than many expected, I think what that does is it creates more downside volatility right now.”

Extrapolating the losses in after hours Wednesday trading, the S&P 500 is on course to fall back into a correction during regular hours trading Thursday, while also returning to the lowest levels since before Trump’s election in November.

ISM services index falls as hiring intentions decline

Service-sector activity was slower than expected in March and hiring intentions declined considerably, the Institute for Supply Management reported Thursday.

The ISM services index posted a 50.8 reading, representing the percentage of companies reporting expansion. Economists surveyed by Dow Jones had been looking for 52.9 after the 53.5 reading in February.

Within the survey, the employment index tumbled to 46.2, a 7.7-point drop to below the 50 cutoff for expansion. The prices index edged lower to 60.9 and new export orders fell to 45.8, a 6.3-point decline.

—Jeff Cox

U.S. steel stocks drop on the heels of Trump tariffs

Shares of U.S.-based steel companies fell in morning trading on Thursday even with President Donald Trump’s tariffs being aimed at boosting the domestic steel industry.

U.S. Steel dipped more than 3% just after the opening bell, while others like Steel Dynamics and Nucor moved nearly 6% lower. Cleveland-Cliffs also dropped more than 9%.

Trump’s latest widespread tariffs announcement comes after the president’s 25% tariffs on steel and aluminum imports went into effect back in March. The White House said Wednesday that steel and aluminum will be excluded from the new reciprocal tariffs.

— Sean Conlon

Deckers Outdoor could potentially see EPS drop by 20% due to tariffs, says Evercore ISI

Deckers Outdoor is among the retailers that will take a hit from President Donald Trump’s tariffs, Evercore ISI said in a note Thursday.

The Ugg maker doesn’t disclose its manufacturing exposure in detail, but analyst Jesalyn Wong believes the majority of it is in Vietnam, followed by China. Tariffs on products made in Vietnam will be raised to 46% and China to 54%, based on Trump’s announcement.

“In our initial analysis, if we were to assume ~60% manufacturing from Vietnam, ~20% from China and assume that ~65% of the revenues are to the US, we are likely to see a ~600bps compression in GM (assuming 60% of COGS are raw materials cost) and ~20%+ decline in EPS assuming no pricing increases,” Wong wrote.

“To maintain gross margins dollars constant, DECK will need to raise prices by roughly ~6%, on our math,” she added.

However, the final impact will depend on if the tariffs are negotiated lower, if there is cost sharing between manufacturers, brands and retailers and how much of the cost will be passed onto consumers, she noted.

Shares of Deckers Outdoor were down 13% in premarket trading.

— Michelle Fox

Stocks plummet as tariffs spook investors

Stocks nosedived shortly after the opening bell on Thursday, as investors contend with blowback from President Donald Trump’s tariff announcement.

The S&P 500 slipped more than 3%, while the Nasdaq Composite lost 5%. The Dow Jones Industrial Average fell 1,200 points, or 3%.

— Brian Evans

Jobless claims unexpectedly fall

Initial U.S. jobless claims for the week ended March 29 fell came in at 219,000, below a Dow Jones forecast of 228,000. The print is also below the 224,000 from the previous week.

The data comes ahead of Friday’s U.S. jobs report. Economists expect an addition of 140,000 jobs for March.

— Fred Imbert

Stocks making the biggest moves premarket Thursday

Check out the companies making headlines before the bell.

Lululemon – Shares tumbled more than 12% on the heels of President Donald Trump’s new wide-ranging tariffs. According to an SEC filing, the company sourced 40% of its products from Vietnam in 2024 – a country that was slammed with a 46% tariff. Almost 90% of Lululemon’s products are made in Vietnam, Cambodia, Sri Lanka, Indonesia and Bangladesh.

Nike — Shares slumped about 9% after the United States lifted tariffs Wednesday. Nike manufactures roughly half its footwear in China and Vietnam, which will be subject to tariff rates of 54% and 46%, respectively.

Ford — The automaker slipped 2.3%. Reuters reported that Ford will offer employee pricing to all customers on multiple models to absorb tariff costs, in a program called “From America for America.” 

The full list can be found here.

— Hakyung Kim

Microsoft parts with more data center plans

Microsoft has parted with more data center buildout plans, this time in the UK, Australia, Illinois, North Dakota and Wisconsin, according to a report from Bloomberg on Thursday morning, citing people familiar with the plans.

Microsoft did not go into detail on the specific reasoning behind abandoning the projects, the report said. Data centers are key components of powering artificial intelligence applications and programs, and have seen billions of dollars in investments in recent years.

— Brian Evans

Federal layoff announcements hit highest level since Covid, report says

Elon Musk’s efforts to cut federal government payrolls resulted in a surge in layoff announcements during March topped only by the Covid-related cuts in 2020, according to outplacement firm Challenger, Gray & Christmas.

In a report Thursday, the firm said planned furloughs in the federal government totaled 216,215 for the month, the highest since May 2020 and the third-largest number in data going back to 1989. Some 280,253 layoffs hitting 27 government departments in the past two months have been linked to the Musk-led Department of Government Efficiency.

—Jeff Cox

Euro skyrockets against the dollar

The euro soared nearly 2% against the dollar, as investors dumped the greenback following President Donald Trump’s tariff announcement.

The Euro strengthened to roughly  €1.11 per USD at 7:30 a.m. EST on Thursday. Citigroup recommended going long on the euro in light of the tariffs, with a target of roughly €1.15.

Mexico stock ETF rises

Mexican stocks bucked the sour global market trend Thursday morning, as goods from the country were exempt from the new tariff regime for now. The iShares MSCI Mexico ETF (EWW) climbed 2.3% in the premarket.

— Fred Imbert

Asia-Pacific markets slide after Trump’s tariff announcement rocks sentiment

Asia-Pacific markets plunged on Thursday, after U.S. President Donald Trump imposed hefty reciprocal tariffs on over 180 countries and territories — several of which are in the region.

Japanese markets led losses in Asia. The benchmark Nikkei 225 pared losses of over 4% to end the day 2.77% lower at 34,735.93, while the broader Topix index closed down 3.08% at 2,568.61.

Over in South Korea, the Kospi index pared losses from over 3% to close 0.76% lower at 2,486.70, while the small-cap Kosdaq fell 0.2% to 683.49.

Mainland China’s CSI 300 fell 0.59% to end the day at 3,861.50, while Hong Kong’s Hang Seng Index declined 1.52% to 22,849.81.

India’s benchmark Nifty 50 dropped 0.26% while the broader BSE Sensex declined 0.36% as at 1.45 p.m. local time.

Australia’s S&P/ASX 200 fell 0.94% to close at 7,859.70.

— Amala Balakrishner

Europe stocks open lower

Europe’s Stoxx 600 index was 1.6% lower shortly after the market open early on Thursday, as traders assessed the scope and impact of U.S. tariffs.

Banks on the index were down 3.2% at 8:10 a.m. U.K. time, while technology stocks fell 2.6%.

A range of European firms expected to be hit by the measures declined sharply, with German retailers Puma and Adidas down 9% and 8.6% respectively. Swedish automaker Volvo Cars was down 9%, and shipping giant Maersk — viewed as a barometer for global trade — shed 7.4%.

— Jenni Reid

President Trump’s ‘haphazard’ tariff delivery has shaken markets, says chief market strategist

The market’s after-hours decline can be attributed to a divergence between what investors were expecting versus President Donald Trump’s tariff policy announcement earlier this afternoon, according to Art Hogan, chief market strategist at B. Riley Wealth Management.

“I think that the market had a modicum of belief that we would have an announcement on tariff and trade that was universally applied and less worse than feared. And I think that was what manifested in markets over the course of the last couple of days,” Hogan told CNBC in an interview.

But instead, it seems like the markets weren’t expecting for President Donald Trump to not only issue a blanket 10% tariff, but additional higher duties for select nations.

“What was delivered was as haphazard as anything this administration has done to date, and the level of complication on top of the ultimate level of new tariffs is worse than had been feared and not yet priced into the market,” Hogan added. “That’s exactly where I think we are right now.”

— Lisa Kailai Han

New tariffs could push S&P 500 into correction territory, CFRA’s Sam Stovall says

President Donald Trump’s sweeping tariffs could push the S&P 500 back into a correction with a decline of at least 10% from its February record high, according to Sam Stovall, chief investment strategist at CFRA Research.

“I think it’ll probably push the markets lower,” Stovall told CNBC in an interview. “They will continue lower tomorrow and certainly retest the 10.1% sell-off threshold, and probably push us into a bit deeper of a correction. People were hoping for clarity and it added to opaqueness.”

“The market was not expecting it to be as harsh as it is, and as a result, Wall Street was not appreciative of what they heard,” he also said. “I think that Wall Street is basically saying that we’re not really sure what kind of retaliatory tariffs will come from our major trading partners, but what they are concerned about is that it will lead to higher inflation and lower EPS growth, if not just increased volatility.”

As of Wednesday’s close, the S&P 500 sits nearly 8% below its recent high. While the index is more than 1% higher this week, it’s fallen almost 5% in the past month.

— Sean Conlon

International ETFs including India fall after Trump tariff announcement

India stocks, as well Japan and China stocks, fell in extended trading following President Trump’s new tariffs announcement.

The iShares MSCI India ETF (INDA) dropped around 2.8%, while the iShares MSCI Japan ETF (EWJ) declined 3.2%. The iShares MSCI China ETF (MCHI) was also down about 2.4%.

The moves lower come as Trump announced reciprocal tariffs of 26% on India, as well as 24% and 34% reciprocal tariffs on Japan and China, respectively.

— Sean Conlon

Vietnam ETFs hit hard in postmarket trading after U.S. imposes 46% tariff

The two exchange-traded funds that track the performance of Vietnamese stocks tumbled in after-hours trading in reaction to the Trump administration imposing 46% tariffs on all goods imported from the Southeast Asian nation.

The $420 million VanEck Vietnam ETF dropped 3.2% in late trading while the $11 million Global X MSCI Vietnam ETF tumbled 6.5%.

— Scott Schnipper

International equity outperformance will come under pressure from tariffs

International markets have outperformed U.S. equities in 2025 as investors anticipated U.S. policies would result in slower economic growth. However, President Trump’s retaliatory tariffs are a headwind on this trend, according to Scott Helfstein, head of investment strategy at Global X.

“Hope for a softer tariff policy has turned out to be misplaced. The new tariffs could take some steam out of international trade. Tariff announcements are not good news for trading partners, and the administration is likely to leave these in place for some time,” said Helfstein. “Expect market volatility to persist in the coming months as tariff data works into economic data.”

Domestic companies and industries are not immune from tariffs either, Helfstein noted, with consumer and business sentiment already showing signs of weakening.

Nonetheless, “The tariff news does not alter the long-term secular trends that will continue to drive the U.S. forward,” Helfstein added.

“Further gains in areas like AI, automation and infrastructure will help drive corporate growth and profitability, but realization of some benefits may take a little longer. So, there is still opportunity to embrace secular growth trends,” said Helfstein.

— Hakyung Kim

RH, G-III, Penske Automotive plunge 23% or more in after-hours trading

RH, G-III Apparel Group and Penske Automotive Group tumbled between 23% and 25% in after-hours trading following President Trump’s imposition of larger-than-expected tariffs on imports of foreign-made goods into the U.S.

During the president’s Rose Garden announcement, RH, formerly Restoration Hardware, released fiscal fourth-quarter earnings and revenue that fell short of Wall Street analysts’ estimates, as well as weaker-than-estimated fiscal first quarter and full-year revenue growth guidance.

Other companies that import a large number of products from overseas as part of their business model also slumped in late trading: Five Below and Gap Inc. tumbled 11% each; Deckers Outdoor dropped 10%; Lululemon Athletica, Urban Outfitters, Skechers, Shoe Carnival and Crocs slid 9%; and Williams-Sonoma and VF Corporation fell 8%.

— Scott Schnipper

Trump says dozens of countries could face levies much higher than 10%

President Trump held up a sign showing the rates countries will pay. Although there is a base tariff rate of 10%, the chart showed countries with larger trade imbalances could pay much more. For example, China will face a 34% rate, the European Union will be charged 20% and Vietnam will pay 46% under the reciprocal plan. A sample of the rates is in the chart above.

But some countries will face even higher rates when taking into account duties already implemented. For example, the effective rate on China goods will be more than 50%.

— Christina Cheddar Berk

Nasdaq 100 laggards include Monster Beverage and Apple

Only six stocks in the tech-heavy Nasdaq 100 index were in the green in extended trading after Trump’s tariff announcements: Intuit, Paccar, Workday, CoStar, PepsiCo and MercadoLibre.

Leading the losses were Monster Beverage, Apple, AppLovin and Palantir, which all fell at least 5% in after-hours trading.

— Yun Li, Gina Francolla

Apple tumbles nearly 5% in Wednesday’s extended trading hours

Shares of iPhone maker Apple slipped nearly 5% in Wednesday’s after-hours trading.

The moves came after President Donald Trump announced a blanket tariff of at least 10% for all foreign goods. Select other nations, such as China, Vietnam and India, were hit with a higher levy.

Apple is a company especially sensitive to these tariffs, since the company sells many of its products in international markets. Apple stock has been hit in recent quarters as the company has continued to experience market share losses in countries such as China to domestic competitors.

— Lisa Kailai Han

Nike drops 6% as multination stocks sell off following tariff announcement

Multinational consumer stocks were sliding in after-hours trading following Trump’s tariff announcement.

These companies all have significant sales outside of the U.S.

— Jesse Pound

Major U.S. indexes decline after Trump imposes tariffs

Shortly after 4:45 p.m. ET, the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, traded about 2.2% lower. The Invesco QQQ ETF, which corresponds to the Nasdaq-100 Index, lost roughly 3.2%. The SPDR Dow Jones Industrial Average ETF Trust (DIA) shed nearly 1%.

— Pia Singh