Trump's Tariffs Send European Stocks Tumbling
April 3, 2025
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1:27Now PlayingTrump's Tariffs Send European Stocks Tumbling
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as posted by the channelRoughly $1.7 trillion is set to be erased from the S&P 500 Index when trading opens Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession.
The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, is on track to open down 7.7%. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, are down at least 9%. Walmart Inc. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, are trading at least 4% lower.
Few stocks in the US were unscathed with the biggest ETF tracking the S&P 500 on pace for its biggest decline since 2022. More than 90% of companies in the S&P 500 were trading lower at 8 a.m. in New York, with over half of its 500 stocks down at least 2% in premarket trading.
“The market is realizing that there is pretty much no way to spin this as a positive,” said Steve Sosnick, chief strategist at Interactive Brokers. “Here we are with a substantial selloff on our hands abetted somewhat by traders whose commitment to buy every dip left them wrong-footed.”
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