According to ChainCatcher and Jintian's report, global stocks plummeted on Thursday as President Trump's comprehensive tariff plan launched 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 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 create its largest single-day drop since September 2022.

The Nasdaq's decline expanded to 5.8%, potentially creating its largest single-day drop since March 2020.