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Stocks nosedived Thursday after President Donald Trump unveiled sweeping 
tariffs of at least 10% and even higher for some countries, raising the 
risks of a global trade war that hits the already sputtering U. S. economy.

The S&P 500
dropped 4%, putting it on track for tis worst day since September 2022. The 
Dow Jones Industrial Average tumbled 1,500 points, or 4%. The Nasdaq 
Composite

slid 5%. The slide across equities was broad, with decliners at the New 
York Stock Exchange outnumbering advancers by six to one.

Shares of multinational companies tumbled. Nike
and Apple dropped 11% and 9%, respectively. Big sellers of imported goods 
were among the hardest hit. Five Below lost 25%, Dollar Tree tumbled 9%, 
and Gap plunged 20%. Tech shares dropped in an overall risk-off mood, with 
Nvidia off 5% and Tesla

also down 3.5%.

The White House unveiled a baseline tariff rate of 10% on all countries 
that goes into effect April 5. Even bigger duties against countries that 
levy higher rates on the U. S. will be charged in coming days, according to 
the administration.

We will charge them approximately half of what they are and have been 
charging us, said Trump in a press conference from the White House Rose 
Garden. So, the tariffs will be not a full reciprocal.

That halved figure includes the combined rate of all their tariffs, non-
monetary barriers and other forms of cheating, he said.
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Dow Jones Industrial Average
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Dow falls

These rates will end up being much higher than investors had expected for 
many nations. For example, the effective tariff rate for China will now be 
54% when accounting for the new reciprocal rate and duties already levied 
against the country, the White House clarified to CNBC. Traders had hoped a 
10% to 20% rate would be a universally applied cap, not a minimum starting 
point.

This was the worst case scenario for tariffs and were not priced-into the 
markets, which is why we are seeing such a risk-off reaction, said Mary Ann 
Bartels, chief investment strategist, Sanctuary Wealth. The big question is 
if 5,500 can hold on the S&P 500. If it cannot hold, we may see another 5-
10% downside, which could likely point to a bottom of 5,200-5,400.

Investors turned to Treasury yields in their search for safety. The 
benchmark 10-year Treasury yield dropped 15 basis points to 4.04%.

The S&P 500 rose for a third day Wednesday on hopes Trump would not 
announce a severe tariff plan on the risk it would tip the economy into a 
slowdown and raise already sticky inflation.

The benchmark has been hit hard since late February with it falling into 
correction territory  or 10% down from its record  because of the 
heightened uncertainty caused by Trumps ongoing tariff announcements. This 
uncertainty has started to show up in some sluggish economic data, which 
further pressured stocks by heightening recession fears.

If he would have come in with just the 10%, I think the markets would 
probably be up quite a bit right now, said Larry Tentarelli, chief 
technical strategist at the Blue Chip Trend Report. But because the tariffs 
came in bigger than many expected, I think what that does is it creates 
more downside volatility right now.

Extrapolating the losses in after hours Wednesday trading, the S&P 500 is 
on course to fall back into a correction during regular hours trading 
Thursday, while also returning to the lowest levels since before Trumps 
election in November.
5 Min Ago
S&P 500 falls back into correction territory

The S&P 500

dipped back into correction territory Thursday morning, after President 
Donald Trumps tariffs spurred a stock selloff.

The broad market index fell more than 11% below its Feb. 19 record close. A 
correction refers to a fall of 10% or more from a recent peak.
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S&P 500 Index
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S&P 500

The Nasdaq Composite was last more than 16% off its own recent peak. The 
Dow Jones Industrial Average was a stones throw away from falling into a 
correction itself, last off by 9.7%.

 Sarah Min
15 Min Ago
ISM services index falls as hiring intentions decline

Service-sector activity was slower than expected in March and hiring 
intentions declined considerably, the Institute for Supply Management 
reported Thursday.

The ISM services index posted a 50.8 reading, representing the percentage 
of companies reporting expansion. Economists surveyed by Dow Jones had been 
looking for 52.9 after the 53.5 reading in February.

Within the survey, the employment index tumbled to 46.2, a 7.7-point drop 
to below the 50 cutoff for expansion. The prices index edged lower to 60.9 
and new export orders fell to 45.8, a 6.3-point decline.

Jeff Cox
22 Min Ago
U. S. steel stocks drop on the heels of Trump tariffs
Workers install steel rods at a construction site in Miami, Florida, U. S. 
, March 11, 2025. REUTERS/Giorgio Viera
Workers install steel rods at a construction site in Miami, Florida, U. S. 
, March 11, 2025.
Giorgio Viera | Reuters

Shares of U. S. -based steel companies fell in morning trading on Thursday 
even with President Donald Trumps tariffs being aimed at boosting the 
domestic steel industry.

U. S. Steel
dipped more than 3% just after the opening bell, while others like Steel 
Dynamics and Nucor moved nearly 6% lower. Cleveland-Cliffs

also dropped more than 9%.
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United States Steel Corp
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X vs. CLF, STLD and NUE, 1-day

Trumps latest widespread tariffs announcement comes after the presidents 
25% tariffs on steel and aluminum imports went into effect back in March. 
The White House said Wednesday that steel and aluminum will be excluded 
from the new reciprocal tariffs.

 Sean Conlon