Market Turbulence Amid Tariff Drama

Wall Street indexes fell after a rally spurred by President Trump's temporary tariff reduction. The S&P 500 saw its biggest single-day gain since 2008. However, heightened tariffs on Chinese imports followed. Most sectors dipped, with information technology and energy leading losses, while consumer staples rose.

Wall Street's major indices experienced significant declines on Thursday, following a short-lived rally after President Donald Trump's announcement to temporarily reduce tariffs on numerous countries.

This abrupt policy shift came less than a day after the new tariffs were imposed, leading to the S&P 500's largest one-day percentage increase since 2008 on Wednesday, and a historic jump for the Nasdaq since 2001. However, tariffs on Chinese imports were raised to 125% from 104%, while Beijing matched Trump's earlier levies with its 84% tariffs on U.S. imports.

At the trading bell, the Dow Jones Industrial Average plummeted 718.88 points, or 1.77%, to 39,889.57; the S&P 500 shed 122.54 points, or 2.25%, to 5,334.36; and the Nasdaq Composite fell 457.83 points, or 2.67%, to 16,667.14.

(With inputs from agencies.)