The US stock market suffered a significant downturn, wiping out over $5 trillion in value, as the Trump administration’s tariff war continued to weigh on investors. The S&P 500 Index plummeted to its lowest level in 11 months, with a 6% decline, its worst day since March 2020.
Federal Reserve Chairman Jerome Powell expressed concerns about the impact of tariffs on inflation, stating that they “could have a persistent impact.” The market’s sharp 20% drop from its February peak is reminiscent of previous crises, such as the pandemic meltdown in 2020 and the dot-com implosion in 2000.
Major tech stocks, including Nvidia Corp. and Apple Inc., fell by at least 7%, while Tesla Inc. lost a staggering 10%. The Nasdaq 100 entered bear market territory with a 6.1% decline, marking a significant turn for investors.
Source: https://www.bloomberg.com/news/articles/2025-04-04/us-stock-futures-sink-as-china-retaliates-against-trump-tariffs