S&P 500 Suffers Worst Drop Since Covid as Tariffs Rattle Traders
US stocks plunged by the most since the depths of the pandemic, erasing $2.5 trillion in value as President Donald Trump’s drastic new trade tariffs ignited widespread recession fears and left investors seeking out safe-haven bonds as well as the yen.
The S&P 500 Index sank 4.8% — its biggest drop since June 2020 — to enter a technical correction again following a brutal global rout in markets from Tokyo to London. The Nasdaq 100 Index shed 5.4% — its worst day since September 2022 — driven by Apple Inc.’s 9% loss, while Nvidia Corp. and Tesla Inc. both plunged. Everything from sneaker makers to apparel plunged after Trump rolled out new tariffs on crucial manufacturing countries including Vietnam and Indonesia. Nike Inc. slid 14%. Lululemon Athletica Inc., Abercrombie & Fitch Co. and Gap Inc. also declined.
