Uncertainty over President Donald Trump’s tariffs rattled Wall Street on Thursday, sending the Dow Jones Industrial Average tumbling by more than 500 points just after the opening bell.
The S&P 500 Index and the tech-heavy Nasdaq Composite were also down more than 1% at the start of trading on Thursday.
Tech stocks, including Broadcom, Nvidia, and Palantir, saw notable losses as investors grow wary of ongoing uncertainty in White House tariff policy.
The Trump administration’s tariff policy continues to shift, with ongoing delays, exemptions and last-minute adjustments.
The administration implemented tariffs on on Mexico and Canada on Tuesday. These include a 25% levy on most imports and a 10% tariff on Canadian energy products.
In response, Canada is preparing to impose tariffs on approximately $100 billion worth of US goods, prompting Trump to threaten additional trade penalties.
Mexico is also formulating its own retaliatory measures.
So far this week, stock markets have fallen more than 3% — giving back the gains that were made in the immediate aftermath of Trump’s re-election on Nov. 5.
A temporary one-month tariff exemption for automakers complying with the United States-Mexico-Canada Agreement briefly lifted markets on Wednesday, but some analysts questioned its long-term impact.
Semiconductor stocks were hit particularly hard, with Marvell Technology dropping over 18% after issuing mixed guidance, while other chipmakers, including Nvidia and Taiwan Semiconductor, also declined.
Economic reports have raised concerns that Trump’s policies could harm the US economy, with fears of rising costs due to tariffs and a surge in layoff announcements.
The Federal Reserve’s Beige Book and other economic data point to increasing uncertainty ahead of Friday’s key jobs report.
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