Global stocks pay for Trump's tariff plan U.S. stocks perform worst since September 2022
Global stocks tumbled on Thursday as President Donald Trump's sweeping tariff plan kicked off a trade war with wide-ranging implications for the global economy, Golden Finance reports. Public fears about rising prices and the likelihood or even possibility of a recession with slower economic growth sent U.S. stock indexes tumbling, posting their worst one-day performance since at least September 2022. Apparel and retail companies led the fall, with Williams-Sonoma, Ralph Lauren and Deckers Outdoor all down more than 17 per cent. Technology and tech-retail stocks such as Hewlett-Packard, Best Buy and Goodman were all down at least 15 per cent. Magnificent 7 stocks, which have led the market higher over the past two years, were also broadly lower, with Apple and Amazon both down more than 8 per cent. More than 400 stocks in the S&P 500 were down.
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