Crashes 1,500 points

Dow sinks 1,500 points as Trump's tariffs roil global markets

From CNN's John Towfighi

US stocks opened sharply lower on Thursday as global markets were severely rattled by President Donald Trump’s tariffs, which threaten to plunge the US and the rest of the world into a recession.

The Dow fell 1,500 points, or 3.6%, in morning trading. The broader S&P 500 index was 3.95% lower, hitting its lowest level since September and on pace for its worst day since the 2022 inflation crisis. The tech-heavy Nasdaq sank 4.9%.

Global markets also tumbled Thursday. Europe’s benchmark STOXX 600 index fell 2.34% and Germany’s DAX index was down 2.29%. In Asia, Japan’s Nikkei 225 index sank 2.77% and Hong Kong’s benchmark Hang Seng index fell 1.52%.

The significant declines come after Trump’s massive tariffs imposed on practically all goods coming into the United States sparked fears that the new policy could trigger significant backlash from trading partners and take down the global economy.

Stocks leading US markets lower included companies that rely on international supply chains that will be subject tariffs. Apple (AAPL) sank 9%. Nike (NKE) tumbled 13%. Ralph Lauren (RL) and Best Buy (BBY) each plunged 16%.

Investors poured money into safe-haven assets. Gold surged to a new record Wednesday above $3,160 a troy ounce, and Treasury bond yields fell sharply. The yield on the 10-year Treasury note fell to its lowest level since October. Bonds and prices trade in opposite directions. Gold, which hovered above $3,100 a troy ounce Thursday morning, is up 19% this year and just posted its best quarter since 1986.