Wipe Out

Roughly $2.5 trillion was erased from the S&P 500 Index 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, fell 9.3%.  Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, were both down more than 9%.  Target Corp. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, dropped more than 10%.

-- Jeran Wittenstein, Carmen Reinicke, and Matthew Griffin writing for Bloomberg, "Trump Tariffs Wipe Out $2.5 Trillion From US Stock Market" (3 April 2025)