Odaily Planet Daily News Global stocks plunged on Thursday as U.S. President Trump's comprehensive tariff plan kicked off a trade war with wide-ranging impacts on the global economy. Public fears about rising prices, slowing economic growth and even the possibility of a recession caused U.S. stock indexes to plummet, recording their worst single-day performance since at least September 2022. Apparel and retail companies led the decline, with Williams-Sonoma, Ralph Lauren and Deckers Outdoor all falling more than 17%. Technology and technology retail stocks such as HP, Best Buy and Garmin all fell at least 15%. Magnificent 7 stocks, which have led the market higher in the past two years, also fell generally, with Apple and Amazon both falling more than 8%. More than 400 stocks in the S&P 500 fell.
The S&P 500 is now down 4.1%, on track for its biggest single-day drop since September 2022.
The Nasdaq's decline once widened to 5.8%, which is expected to be the biggest single-day drop since March 2020. (Jinshi)