Roughly $2 trillion was erased from the S&P 500 Index on Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession.
The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, fell as much as 9.5%. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, were both down more than 12%. Target Corp. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, were trading lower by more than 10%.
Few stocks in the US were unscathed with the benchmark index on pace for its biggest decline since 2022. More than 80% of companies in the S&P 500 were trading lower at 10:20 a.m. in New York, with nearly two-thirds of its 500 stocks down at least 2%.
𝔸𝕟 𝕒𝕕𝕕𝕚𝕥𝕚𝕠𝕟𝕒𝕝 $𝟙.𝟝 𝕥𝕣𝕚𝕝𝕝𝕚𝕠𝕟 𝕚𝕟 𝕞𝕒𝕣𝕜𝕖𝕥 𝕧𝕒𝕝𝕦𝕖 𝕙𝕒𝕤 𝕓𝕖𝕖𝕟 𝕨𝕚𝕡𝕖𝕕 𝕠𝕦𝕥 𝕗𝕣𝕠𝕞 𝕥𝕙𝕖 𝕤𝕥𝕠𝕔𝕜 𝕞𝕒𝕣𝕜𝕖𝕥 𝕤𝕠 𝕗𝕒𝕣 𝕥𝕠𝕕𝕒𝕪.
