Stocks plummet after Trump announces reciprocal tariffs, impacting major companies

From Yahoo Finance: 2025-04-02 17:38:00

President Trump announced sweeping tariffs on imported products, causing U.S. stocks to plummet in after-hours trading. The SPDR S&P 500 ETF dropped over 2%, while the Dow Jones and Nasdaq ETFs fell 1-3%. The tariffs will affect all major trading partners, with rates as high as 34% on imports from China.

Companies like Apple, Tesla, Amazon, and Walmart saw stock prices drop as much as 6%. Apparel and footwear manufacturers, like Nike and Lululemon, were hit hard by the tariffs. Treasury yields also fell, with concerns over the impact on U.S. growth.

Investors are worried that the tariffs will slow economic growth, reflected in the 10-year Treasury yield dropping to 4.13%, near its lowest level this year. The market reaction to Trump’s announcement of reciprocal tariffs has led to uncertainty and volatility in the stock market.

Read more: Stocks Tumble After Hours as Trump Announces Sweeping Reciprocal Tariffs