Wall Street sinks as Trump’s tariffs trigger market turmoil; Apple takes the biggest blow among tech giants

Wall Street took a steep dive on Thursday following President Donald Trump’s sweeping ‘Liberation Day’ tariffs, sending major stock indices and tech giants spiraling downward.

Market Meltdown

By 12:58 PM EDT, the S&P 500 had tumbled 3.84%, the Dow Jones Industrial Average fell 3.07%, and the Nasdaq Composite plunged 5%. The slide began early in the day, with the Nasdaq already down 4.5% within minutes of the market opening.

Investor concerns mounted as Trump’s tariff policy hit harder than expected. His sweeping measures include a minimum 10% levy on all U.S. trading partners, with additional tariffs targeting countries running significant trade imbalances. The move sparked fears of escalating global trade tensions and economic downturns.

Big Tech Takes a Hit

Apple took the biggest blow among tech giants, sinking more than 8% due to concerns over a cumulative 54% tariff on Chinese imports, a key manufacturing hub for the iPhone maker. Amazon dropped 7.29%, Nvidia lost 6.24%, and Meta Platforms slid 5.83%. Other tech firms, including Microsoft (-1.28%), Alphabet (-3.10%), and Tesla (-4.53%), also felt the heat.

Retail & Banking Sectors Struggle

Retail stocks were battered, with Nike plunging 11% and Ralph Lauren tumbling 12%. The banking sector also faced sharp losses, with Citigroup and Bank of America each down over 8%, while JPMorgan Chase dropped 4.5%.

Bond Yields Slide Below 4%

As investors sought safer assets, the yield on benchmark U.S. Treasuries dipped below 4% for the first time since October 2024. The 10-year yield fell 13 basis points, mirroring a broader global bond rally driven by fears of an economic slowdown.

Oil & Commodities See Sharp Declines

Oil prices suffered their worst single-day drop since 2023, with West Texas Intermediate (WTI) crude plunging 7.4% to trade below $67 per barrel, while Brent crude fell 6.9% to slip under $70. The sharp decline followed Trump’s tariffs and an OPEC decision to accelerate production hikes.

Gold, which hit a record high earlier in the session, reversed course and fell 1.1% to $3,098.73 per ounce. Silver plunged 5.6%, platinum dropped 3%, and palladium declined 3.3%.

Global Fallout & Economic Concerns

Trump’s aggressive trade measures have already triggered global backlash, with key trading partners—including Canada and Australia—voicing strong opposition. With markets rattled, economists warn that the most significant tariff hike in a century could have far-reaching consequences for both U.S. and global economic growth.

As the dust settles, all eyes are on how businesses and governments will react to these sweeping trade disruptions.