Trump tank stonks
By 
It’s not easy for an administration with a fanatical commitment to upward wealth distribution and deregulation to be reviled by the markets, but Donald Trump is special, so special:
US stocks cratered on Thursday, with the Dow tumbling more than 1,400 points as President Trump’s surprisingly steep “Liberation Day” tariffs sent shockwaves through markets worldwide.
The tech-heavy Nasdaq Composite (^IXIC) led the sell-off, plummeting roughly 5.2%. The S&P 500 (^GSPC) sank over 4%, while the Dow Jones Industrial Average (^DJI) tumbled 3.2%.
Among megacap techs, Apple (AAPL) shares fell over 9% amid concerns about disruption to its supply chain, putting it on track for its worst day since the advent of the pandemic in 2020. China, the source of key iPhone components, was hit with additional US tariffs that raised its overall rate to 54%.
Nvidia (NVDA) and other chip stocks also tumbled thanks to similar concerns. The so-called “Magnificent Seven” stocks that led the market rally over the past two years were on pace to shed roughly $800 billion in market cap.
Small cap stocks were also hit during the session, as the Russell 2000 (^RUT) index declined more than 5.6%, on track to close in bear market territory.
Massively disrupting the international trade order with a plan that apparently a 22-year-old incel came up with by throwing something into experimental AI software half and hour before the deadline seemed like an incredibly bad idea, what went wrong?
…it’s worth noting that the market crashed today although it had already largely priced the Trump taxes in:
Some quick tariff math.
The S&P 500 has fallen -4.5% on news of the tariffs.
Of course, markets had already priced in tariffs — this is the response to how much worse they were than expected. https://t.co/JjN62kbOTQ pic.twitter.com/yZTD4cRG7M— Justin Wolfers (@JustinWolfers) April 3, 2025