Dow drops 1,400 as US stocks lead worldwide sell-off after Trump’s tariffs ignite a COVID-like shock
NEW YORK — Financial markets around the world are reeling Thursday following President Donald Trump’s latest and most severe set of tariffs, and the U.S. stock market is taking the worst of it so far.
The S&P 500 was down 4% in midday trading, more than other major stock markets, and at its bottom in the morning was on track for its worst day since COVID struck in 2020. The Dow Jones Industrial Average was down 1,412 points, or 3.3%, as of 11:50 a.m. Eastern time, and the Nasdaq composite was 5.1% lower.
Little was spared in financial markets as fear flared globally about the potentially toxic mix of higher inflation and weakening economic growth that tariffs can create.
Everything from crude oil to Big Tech stocks to the value of…
