Wall Street suffered steep losses on Thursday, giving back more than 70% of the previous session’s historic rally, as renewed tariff tensions reignited investor anxiety.The Dow Jones Industrial Average plunged 2,091 points, or 5.15%, while the S&P 500 shed 314 points to fall 5.75%. The tech-heavy Nasdaq Composite slid 1,131.9 points, or 6.61%, leading the downturn.
Apple and Tesla were among the biggest drags, slumping more than 7% and 11%, respectively. Nvidia dropped over 8%, while Meta Platforms slipped more than 7%, as sentiment soured across major tech names.
The selling accelerated after the White House confirmed to CNBC International that the cumulative tariff rate on Chinese imports now stands at 145%—combining a new 125% duty with an existing 20% levy linked to the fentanyl crisis.Also read: US Stock Market Live: Dow Jones tanks 1,700 points amidst extreme volatility; Cbox VIX up 60%
Apple and Tesla were among the biggest drags, slumping more than 7% and 11%, respectively. Nvidia dropped over 8%, while Meta Platforms slipped more than 7%, as sentiment soured across major tech names.
The selling accelerated after the White House confirmed to CNBC International that the cumulative tariff rate on Chinese imports now stands at 145%—combining a new 125% duty with an existing 20% levy linked to the fentanyl crisis.Also read: US Stock Market Live: Dow Jones tanks 1,700 points amidst extreme volatility; Cbox VIX up 60%
The market collapse follows Wednesday’s explosive rally, where the S&P 500 recorded its third-largest single-day gain since World War II, rising over 9%. That surge came after President Donald Trump announced a 90-day reprieve on new tariffs for most nations, sparking a temporary wave of optimism.
However, economists warn the relief may be short-lived. “Delays help, but do not reduce uncertainty,” said Michael Gapen, chief US economist at Morgan Stanley, as reported by CNBC International.
First Published: Apr 10, 2025 10:15 PM IS
