Market Mayhem: Trade Tariffs Trigger Wall Street Woes

U.S. stock markets plunged as President Trump's tariffs reignited fears of a trade war. Major indices and tech stocks took a hit, amid concerns of a global economic downturn. Investors brace for potential rate cuts by the Federal Reserve, while monitoring economic indicators and fiscal policy changes.

U.S. stock indexes tumbled Thursday, with major technology stocks suffering significant losses as President Donald Trump's sweeping tariffs on key trade partners fueled fears of an all-out trade war and heightened recession risks.

Apple plunged 8%, impacted by a 54% tariff on China, a major base for its manufacturing. Microsoft dropped 3% and Nvidia slumped 5.6%. At 09:40 a.m. ET, the S&P 500 fell 3.1%, with the Nasdaq Composite down 4.27% - both nearing a seven-month low. The Dow Jones shed 2.6%.

Global stocks fell, bonds surged, and gold reached a record high. Traders anticipate Federal Reserve rate cuts and are keen on payrolls data and Fed Chair Powell's insights for economic direction. Retailers and banks were hit hard as new tariffs targeted production hubs in Asia.

(With inputs from agencies.)