Stock Market Today: Dow Dives 1,679 Points on Trump Tariff Shock
U.S. stocks lost roughly $3.1 trillion in market cap on Thursday – the biggest one-day decline since the start of the COVID-19 pandemic in March 2020.



It was a doozy of a day for stocks Thursday, with the main indexes taking a nosedive out of the gate and staying there through the close.
The selling was prompted by President Donald Trump's late-Wednesday press conference where he unveiled sweeping tariffs against a long list of U.S. trading partners.
"With a chart that basically shouted, 'Please don't read the fine print,' there were figures that ranged everywhere from 10% to 49%," says Dann Ryan, managing partner at Sincerus Advisory.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The unfortunate result of this, Ryan adds, is that there "will probably be several more days of uncertainty to process what this all means and what exemptions there will be, as any last-minute deals continue to be made."
And it gave markets "none of the reassurances" they are wanting.
As a result, the Dow Jones Industrial Average closed down 4.0% at 40,545, the S&P 500 was off 4.8% at 5,396 – falling back into correction territory – and the Nasdaq Composite had plunged 6.0% to 16,550.
Thursday's sell-off erased roughly $3.1 trillion in U.S. equity valuation, according to Dow Jones Market Data. This is the biggest single-day drop in stock market valuation since March 16, 2020.
Apple stock could see an outsized tariff impact
Some of the day's biggest decliners were once many of Wall Street's highest fliers. Amazon.com (AMZN), for one, slumped 9.0%, while Meta Platforms (META) shed 9.0%.
And Apple (AAPL) plunged 9.3%, with Morgan Stanley analyst Erik Woodring saying the iPhone maker is one of the worst-positioned to absorb the tariffs.
Apple relies "on extensive international manufacturing, with the large majority of finished goods sold into the U.S. assembled in SE Asian nations," Woodring says.
He believes the company is potentially facing an added tariff cost of more than $38 billion, which works out to roughly 26% of EBIT (earnings before interest and taxes) for fiscal 2026.
Nike leads Dow stocks lower
While Apple's decline is noteworthy, Nike (NKE) was actually the worst Dow Jones stock today. Shares tumbled 14.4%, bringing their year to date decline to 26%.
Nike recently forecast slower-than-expected sales growth for its current quarter, citing the impact of tariffs. The athletic apparel and footwear maker, which has strong ties to China, also said during its earnings call that "new tariffs" were among several things creating uncertainty at the moment.
But Jefferies analyst Randal Konik is taking a glass-half-full approach to Nike. Not only is the company well-positioned to "compete on price over the longer term and gain market share as a result," he says, but NKE stock is near a bottom and management's turnaround plans should spark upside.
RH craters nearly 40% after earnings, tariff news
Having an even worse day than Nike was fellow consumer discretionary stock RH (RH), which plummeted 40.1%.
The luxury home goods retailer reported lower-than-expected fiscal fourth-quarter results. It also forecast full-year revenue growth of 10% to 13%, below the 15% Wall Street is anticipating, due to the "negative impact" of tariffs.
Meanwhile, during the company's earnings call, RH CEO Gary Friedman was asked about the stock's price after Trump unveiled his sweeping tariffs.
"Oh sh*t," Friedman said. "I just looked at the screen. I hadn't looked at it. You know, it got hit when I think the tariffs came out. And, you know, everybody can see in our 10-K where we're sourcing from, so it's not a secret."
Indeed, the regulatory filing shows that based on dollar volumes, RH sources 72% of its products from Asia.
Shares of RH, which was a member of Warren Buffett's Berkshire Hathaway equity portfolio from Q3 2019 to Q1 2023, are now down 62% for the year to date.
Related content
- Wall Street Is Worried About Apple Stock. Should You Be Too?
- The Best Value Stocks to Buy
- The Stock Market Is Selling Off. Here's What Investors Should Do
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stock Market Today: Trump Retreats, Markets Rejoice
Stocks rally, yields soften, the dollar rises, and even beaten-down names enjoy the wages of potential trade peace.
By David Dittman
-
In Trump’s Economy Should 401(k) Savers 'Set It and Forget It?'
It’s hard to bury your head in the sand when the markets are volatile. Here’s when it makes sense and when it doesn’t.
By Donna Fuscaldo
-
Stock Market Today: Trump Retreats, Markets Rejoice
Stocks rally, yields soften, the dollar rises, and even beaten-down names enjoy the wages of potential trade peace.
By David Dittman
-
Tesla Stock Pops as Elon Musk Promises DOGE Draw Back
Tesla reported a sharp drop in first-quarter earnings and sales, as the EV maker suffered a backlash to its CEO's political ambitions.
By Karee Venema
-
Bouncing Back: New Tunes for Millennials Trying to Make It
Adele's mournful melodies kick off this generation's financial playlist, but with the right plan, Millennials can finish strong.
By Alvina Lo
-
Early-Stage Startup Deals: How Do Convertible Notes Work?
Some angel investors support early startups by providing a loan in exchange for a convertible note, which includes annual interest and a maturity date.
By Murat Abdrakhmanov
-
Stock Market Today: Stocks Soar on China Trade Talk Hopes
Treasury Secretary Bessent said current U.S.-China trade relations are unsustainable and signaled hopes for negotiations.
By Karee Venema
-
How Can Investors Profit From AI's Energy Use?
Global energy demand is expected to grow by leaps and bounds over the next several years as AI usage accelerates. Here's how to get a piece of the pie.
By Jacob Schroeder
-
Can Trump Fire Powell? A Supreme Court Case Could Decide
Presidential posts threaten to overwhelm decades of precedent and tradition, whatever the nine justices decide.
By David Dittman
-
What Are AI Agents and What Can They Do for You?
AI agents promise to be the next big thing in artificial intelligence, but what exactly do they do?
By Tom Taulli