Daily SumUp

Stocks plunged Thursday, turning in their worst performance since early in the Covid pandemic, as market participants reacted to President Donald Trump's announcement of wide-ranging tariffs against nearly all U.S. trading partners. 

The Dow Jones Industrial Average fell 4%, a decline of nearly 1,700 points, while the S&P 500 dropped 4.8% and the tech-heavy Nasdaq Composite tumbled 6%, as the major indexes closed near their session lows. The Dow and S&P 500 recorded their biggest one-day losses since June 2020, while it was the worst day for the Nasdaq since March of that year.

Stocks had closed higher in yesterday's regular trading session—for the S&P 500, it marked the third straight day of gains—but fell sharply in extended hours after President Trump unveiled his sweeping plan to tax imports.

The U.S. is imposing a minimum 10% reciprocal tariff on nearly all countries. Trump also announced country-specific tariffs on 60 nations equivalent to half the rate the administration claims those countries levy on U.S. goods in the form of “tariffs, non-monetary barriers, and other forms of cheating.” The tariffs will be applied to all of America’s largest trading partners, including high rates on imports from the European Union, Japan and China.