US stocks plummet on Thursday amid tariffs-driven recession fears - Mubasher Info

Mubasher: The US stocks declined on Thursday, 3 April 2025, amid aroused risk of a global economic recession in line with President Donald Trump's recent tariffs, Reuters reported.

The heavyweight technology stocks suffered big losses in line with sweeping tariffs on major trade partners igniting fears of “an all-out trade war.”

Apple opens new tab sank 8%, reeling from the impact of an aggregate 54% tariff on China, which is the base for much of the iPhone maker's manufacturing.

Microsoft opens new tab dropped 3%.

Nvidia opens new tab slumped 5.6%.

"This was the first bullet thrown in this trade war and it could get nasty and that is spooking investors,” Reuters cited Senior Markets Strategist at Brown Brothers Harriman, Elias Haddad.

“We're going to continue to trade on a heavy tone because of the heightened risk of either recession or stagflation," Haddad added.

Retailers were hit hard, with Nike opens new tab dropping 11%.

Ralph Lauren opens new tab falling 12% after Trump imposed a raft of new tariffs on major production hubs including Vietnam, Indonesia, and China.

Haddad stated: "We could see the correction bottom out when we have firm evidence that we're not falling into recession."

Big banks such as Citigroup opens new tab and Bank of America Corp opens new tab, which are sensitive to economic risks, falling over 8% each.

JPMorgan Chase & Co opens new tab lost 4.5%.

Oil stocks including Exxon Mobil opens new tab and Chevron fell about 3.5% each as crude prices slumped 6% on Trump tariffs and OPEC+ speeding up output hikes.

Source: Mubasher Source: {{details.article.source}}