U.S. stocks hit their worst performance since September 2022, as global stocks pay for Trump's tariff plan
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News: On Thursday, global stocks plummeted as U.S. President Trump's comprehensive tariff plan triggered a trade war with widespread economic implications. Public fears of rising prices, economic slowdown, and potential recession caused U.S. stock indices to crash, recording their worst single-day performance since September 2022. Clothing and retail companies led the decline, with Williams-Sonoma, Ralph Lauren, and Deckers Outdoor all falling over 17%. Tech and tech retail stocks like HP, Best Buy, and Garmin also dropped at least 15%. The Magnificent 7 stocks that have led the market higher in the past two years also generally declined, with Apple and Amazon both falling over 8%. More than 400 stocks in the S&P 500 index declined. The S&P 500 index is currently down 4.1%, set to record its largest single-day drop since September 2022. The Nasdaq's decline expanded to 5.8%, potentially marking its largest single-day drop since March 2020. (Jinshi)
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