Stock Market Today: Dow Dives 1,679 Points on Trump Tariff Shock
U.S. stocks lost roughly $3.1 trillion in market cap on Thursday – the biggest one-day decline since the start of the COVID-19 pandemic in March 2020.



It was a doozy of a day for stocks Thursday, with the main indexes taking a nosedive out of the gate and staying there through the close.
The selling was prompted by President Donald Trump's late-Wednesday press conference where he unveiled sweeping tariffs against a long list of U.S. trading partners.
"With a chart that basically shouted, 'Please don't read the fine print,' there were figures that ranged everywhere from 10% to 49%," says Dann Ryan, managing partner at Sincerus Advisory.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The unfortunate result of this, Ryan adds, is that there "will probably be several more days of uncertainty to process what this all means and what exemptions there will be, as any last-minute deals continue to be made."
And it gave markets "none of the reassurances" they are wanting.
As a result, the Dow Jones Industrial Average closed down 4.0% at 40,545, the S&P 500 was off 4.8% at 5,396 – falling back into correction territory – and the Nasdaq Composite had plunged 6.0% to 16,550.
Thursday's sell-off erased roughly $3.1 trillion in U.S. equity valuation, according to Dow Jones Market Data. This is the biggest single-day drop in stock market valuation since March 16, 2020.
Apple stock could see an outsized tariff impact
Some of the day's biggest decliners were once many of Wall Street's highest fliers. Amazon.com (AMZN), for one, slumped 9.0%, while Meta Platforms (META) shed 9.0%.
And Apple (AAPL) plunged 9.3%, with Morgan Stanley analyst Erik Woodring saying the iPhone maker is one of the worst-positioned to absorb the tariffs.
Apple relies "on extensive international manufacturing, with the large majority of finished goods sold into the U.S. assembled in SE Asian nations," Woodring says.
He believes the company is potentially facing an added tariff cost of more than $38 billion, which works out to roughly 26% of EBIT (earnings before interest and taxes) for fiscal 2026.
Nike leads Dow stocks lower
While Apple's decline is noteworthy, Nike (NKE) was actually the worst Dow Jones stock today. Shares tumbled 14.4%, bringing their year to date decline to 26%.
Nike recently forecast slower-than-expected sales growth for its current quarter, citing the impact of tariffs. The athletic apparel and footwear maker, which has strong ties to China, also said during its earnings call that "new tariffs" were among several things creating uncertainty at the moment.
But Jefferies analyst Randal Konik is taking a glass-half-full approach to Nike. Not only is the company well-positioned to "compete on price over the longer term and gain market share as a result," he says, but NKE stock is near a bottom and management's turnaround plans should spark upside.
RH craters nearly 40% after earnings, tariff news
Having an even worse day than Nike was fellow consumer discretionary stock RH (RH), which plummeted 40.1%.
The luxury home goods retailer reported lower-than-expected fiscal fourth-quarter results. It also forecast full-year revenue growth of 10% to 13%, below the 15% Wall Street is anticipating, due to the "negative impact" of tariffs.
Meanwhile, during the company's earnings call, RH CEO Gary Friedman was asked about the stock's price after Trump unveiled his sweeping tariffs.
"Oh sh*t," Friedman said. "I just looked at the screen. I hadn't looked at it. You know, it got hit when I think the tariffs came out. And, you know, everybody can see in our 10-K where we're sourcing from, so it's not a secret."
Indeed, the regulatory filing shows that based on dollar volumes, RH sources 72% of its products from Asia.
Shares of RH, which was a member of Warren Buffett's Berkshire Hathaway equity portfolio from Q3 2019 to Q1 2023, are now down 62% for the year to date.
Related content
- Wall Street Is Worried About Apple Stock. Should You Be Too?
- The Best Value Stocks to Buy
- The Stock Market Is Selling Off. Here's What Investors Should Do
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Ask the Editor — Tax Questions on Disaster Losses and more
Ask the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on paper checks, hurricane losses, IRAs and timeshares.
-
Paramount+ Premium Debuts: Why "With Showtime" Got the Cut
Paramount+ drops its "with Showtime" label — same price, same content, simpler branding as Showtime titles spread across plans.
-
Why Smart Retirees Are Ditching Traditional Financial Plans
Financial plans based purely on growth, like the 60/40 portfolio, are built for a different era. Today’s retirees need plans based on real-life risks and goals and that feature these four elements.
-
To My Small Business: Well, I've Been Afraid of Changin', 'Cause I've Built My Life Around You
While thinking about succession planning might feel like anticipating a landslide (here's to you, Fleetwood Mac), there are strategies you can implement to manage the uncertainty and the transition.
-
Stock Market Today: S&P 500, Nasdaq Near New Highs
The S&P 500 hasn't hit a new high since February. It's been since December for the Nasdaq.
-
The Bull Case for the Second Half of 2025
This strategist sees a volatile market segueing to a strong close this year.
-
7 Essential Investing Rules We All Should Know
The best time to start investing is right now. That's just one vital rule investors should be familiar with. Here are six more.
-
These Are the Key Tariff Issues to Watch in Coming Months
While they're not dominating headlines right now, tariffs are not over. Some key dates are coming up fast that could upend markets all over again.
-
Technology Unleashes the Power of Year-Round Tax-Loss Harvesting
Tech advancements have made it possible to continuously monitor and rebalance portfolios, allowing for harvesting losses throughout the year rather than just once a year.
-
The Fiduciary Firewall: An Expert's Five-Step Guide to Honest Financial Planning
Armed with education and awareness, you can avoid unethical people in the financial industry by seeking fee-only fiduciaries and sharing your knowledge with others.