Buh-bye $2 trillion in stock values, just today (including your pension fund and 401(k)!):
Roughly $1.7 trillion was erased from the S&P 500 Index at the start of trading on 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, was down about 8% after the open. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, were down around 10%. Walmart Inc. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, were trading lower by about 2% and around 11%, respectively.
Few stocks in the US were unscathed with the benchmark index on pace for its biggest decline since 2022. Roughly 70% of companies in the S&P 500 were trading lower at 9:35 a.m. in New York, with almost half of its 500 stocks down at least 2%.
“There’s really not anybody getting spared in absolute terms,” said Garrett Melson, a portfolio strategist at Natixis Investment Managers Solutions. “You’re just wrapped up, today at least, in a broad de-risking, and so it’s kind of just across the board taking chips off the table.”...
That's just for starters, folks.
The immediate impact of the Malignant Fascist's tariff roll out can be seen here as well:
BONUS: Hold on for dear life (our emphasis) --
Stocks nosedived Thursday, sending the S&P 500 back into correction territory and toward its biggest one-day loss since 2020, after President Donald Trump unveiled sweeping tariffs, raising the risk of a global trade war that plunges the economy into a recession.Day One of Trump's Tariffs.
The broad market index dropped 5%, putting it on track for its worst day since June 2020. The Dow Jones Industrial Average tumbled 1,630 points, or 3.9% for its biggest decline since September 2022...
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