Key Highlights:
Washington/New York, April 2 – Wall Street ended sharply lower on Tuesday as US President Donald Trump’s sweeping tariff announcement sent tremors across global markets, triggering a major selloff in tech stocks led by Apple, Tesla, and Nvidia.
The Dow Jones fell over 800 points intraday, while the Nasdaq Composite plunged 3.2% in one of its worst closings in recent months. The S&P 500 tumbled 2.8%, erasing recent gains and sparking fresh fears of renewed inflation and supply chain disruptions.
Apple Crashes 6% — Worst Drop Since September 2020
Tech giant Apple (AAPL) was the biggest casualty of the day, ending over 6% lower — its steepest decline since September 2020 — as the company faces direct pressure from Trump’s proposed 34% tariffs on Chinese imports, where Apple primarily manufactures most of its devices.
Apple had earlier been praised by Trump for planning major domestic investments, but investors ignored the sentiment, focusing instead on the potential cost escalation and profit erosion stemming from the tariffs.
Trump’s “Economic Independence” Move Sparks Panic
Trump, speaking from the Rose Garden, branded the sweeping tariff move as a “declaration of economic independence,” introducing:
- 10% blanket tariffs on all imported goods
- Country-specific tariffs:
- 34% for China
- 20% for EU
- 24% for Japan
- 26% for India (as reported earlier)
The announcement, aimed at “supercharging the domestic base,” triggered fears of retaliatory tariffs and global trade wars, eerily reminiscent of the 2018–2019 tariff standoff.
Tech Stocks in Freefall
Apple wasn’t alone. A sea of red engulfed the mega-cap tech space:
- Nvidia (NVDA) fell 4.1%
- Tesla (TSLA) dropped 4.5%
- Amazon (AMZN) and Meta (META) slid nearly 5%
- Microsoft (MSFT) declined 1.9%
- Alphabet (GOOG) was down 2.6%
Even chipmakers and AI hardware firms took a hit, as concerns deepened around global production costs and international supply chain friction.
Broader Market Snapshot – April 2 Closing
| Index | Closing Change | % Change |
|---|---|---|
| Dow Jones | -905 points | -2.4% |
| S&P 500 | -135 points | -2.8% |
| Nasdaq 100 | -482 points | -3.2% |
| 10-Year Treasury | 4.13% | Lower |
| Gold | $3,190/oz | +1.4% |
| Bitcoin | $82,800 | -6% |
Biggest Losers
- Apple –6.1%
- Tesla –4.5%
- Amazon –4.8%
- Nike (NKE) –7%
- Nvidia –4.1%
- Newsmax (NMAX) –77% after IPO spike
Safe Havens Rise: Gold Hits Record, Bonds Rally
Amid the market carnage, Gold prices hit a new record of $3,190/oz as investors scrambled for safe havens. 10-year US Treasury yields dipped to 4.13%, reflecting a flight to quality and expectations of slowing economic growth.
Analysts Warn of Recession Risks
Economists say Trump’s move could:
- Trigger a fresh inflation wave
- Stifle corporate margins
- Derail the US GDP recovery
- Strain US-China relations further
“Trump’s tariff move feels like a 2019 flashback, only worse because inflation is already elevated,” said Christopher Daniels, Chief Market Strategist at Lancer Capital.
What’s Next?
Investors are now eyeing:
- Global retaliation, especially from China and the EU
- Corporate earnings downgrades
- FOMC guidance on how tariffs might influence rate policy
- Asian and Indian market reactions today
Apple’s 6% plunge has become the symbol of Wall Street’s panic over the return of aggressive trade barriers. With broader indices tumbling and volatility expected to surge, the April 3 opening bell could bring more bloodbath — especially in export-sensitive, tech-heavy sectors.
Stay tuned for Asia market reactions and Nifty/Sensex pre-open cues.
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