Stock futures plunge as investors digest Trump’s tariffs
CNN
Wall Street had hoped for a rally. Stock futures are in a free fall as investors digest President Donald Trump’s sweeping tariffs.
US stocks plunged in after-hours trading Wednesday as investors digested President Donald Trump’s decision to impose sweeping tariffs that could escalate a growing trade war and upend the global economy. Dow futures plummeted more than 1,100 points, or 2.7%. S&P 500 futures sank 3.9%. Futures tied to the Nasdaq 100 plunged 4.7%. US stocks had closed higher Wednesday afternoon ahead of Trump’s announcement on tariffs, but a selloff began as he unveiled his plan, holding up a chart that depicted how rates would increase for each country. Key Asian stocks mostly sank shortly after opening on Thursday, hours after the broad-based tariffs were announced. Japan’s benchmark Nikkei 225 index tumbled at least 4%. South Korea’s KOSPI plunged 2.7% and Hong Kong’s Hang Seng Index slid 2.4%. Taiwan’s TAIEX has fluctuated since opening, with its current shares up less than 1%. Wall Street had been nervous about Trump’s tariffs, though some analysts expected stocks could rally if the tariff announcement was lighter than feared. Those hopes were quickly dashed as Trump unveiled baseline 10% tariffs on all imports, plus higher rates for specific countries. “Trump is enacting a very aggressive tariff policy, far more aggressive than most investors thought possible six months ago,” said Jed Ellerbroek, portfolio manager at Argent Capital. “Painful times for stock market investors.”
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