U.S. markets suffered their steepest declines since 2020 on fears President Trump’s new tariff plans will trigger a global trade war and drag the U.S. economy into recession.
Major stock indexes dropped as much as 6% on Thursday. Stocks lost roughly $3.1 trillion in market value, their largest one-day decline since March 2020. On Friday, stock-index futures drifted lower, and stocks in Japan were hit for a second day.
In Thursday's market plunge, the Dow industrials dropped 1679 points, or 4%. The tech-heavy Nasdaq, which powered the market higher for years, was down 6%, pulled lower by big declines in Nvidia, Apple and Amazon.com. The S&P 500, which fell 4.8%, and the other benchmarks suffered their sharpest declines since the early days of the Covid-19 pandemic.
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