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Market Update: $2 Trillion Vanishes in Minutes as Markets Crash. AAPL, AMZN, META In Freefall.

Market Update: $2 Trillion Vanishes in Minutes as Markets Crash. AAPL, AMZN, META In Freefall.

Published: by Omor IE

Key Points

  • The stock market has been cratering since Donald Trump’s tariff announcement.

  • Big-cap stocks are plunging significantly, and the entire market has sagged.

  • Financial stocks and import-reliant companies are also taking big hits.

Yesterday’s tariff announcement was “worse than the worst-case scenario,” and the market hemorrhaged $2 trillion minutes after the figures came out. Many outlets reported earlier that only a 10% baseline tariff would go into effect, but this happened instead:

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The stock market has continued to bleed, and certain stocks are bleeding much more than others. Tariffs will not only raise input costs for firms significantly, but they will also invite massive retaliatory action and hurt companies that derive products from abroad.

The macro situation was already quite uncertain before these tariffs, so things are unlikely to improve without news of a tariff compromise.

Here’s a market update as of 11:00 A.M (ET) today.

  • The S&P 500 is down 247.68 points, or 4.37%.
  • The Nasdaq Composite is down 990.6 points, or 5.6%.
  • Dow Jones Industrial Average is down 1,526.93 points, or 3.62%.
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Mega-Cap Stocks Bleeding

The Magnificent Seven stocks have been hit hard by the tariff news, and some are posting near double-digit losses.

  • Apple (NASDAQ: AAPL) is down 8.6%. This is the worst drop in around five years.
  • Amazon (NASDAQ: AMZN) is down 8.9%. The company is bidding to buy TikTok, but that news has been overshadowed by the tariff news.
  • Meta Platforms (NASDAQ: META) is down 8%. Wall Street is souring on Meta’s AI spending even more due to the uncertainty.
  • NVIDIA (NASDAQ: NVDA) is down 7% despite chip tariff exemption. Broadcom (NASDAQ: AVGO) is also down around 8%.
  • Tesla (NASDAQ: TSLA) is down 6.8%. Again, Tesla was supposed to escape the impact of tariffs due to its U.S. manufacturing base, but it has still declined due to bad delivery data and reports of Elon Musk leaving DOGE.

These stocks aren’t the only victims, as banking stocks have been hit especially hard.

  • Bank of America (NYSE: BAC) is down 10.5%.
  • Morgan Stanley (NYSE: MS) is down 9.5%.
  • JPMorgan Chase (NYSE: JPM) is down 7.2%.

Notable Losers Today

Companies that are vulnerable to tariffs and are set to see higher input costs have been bleeding the most, along with many other financial companies.

  • RH (NYSE: RH) is down 42.5% as the company’s outlook has been getting worse with tariffs. The stock sank even more as the CEO reacted live by saying, “Oh, sh—”
  • Five Below Inc (NASDAQ: FIVE) is down 29%.
  • Wayfair (NYSE: W) is down 26%
  • Victoria’s Secret (NYSE: VSCO) is down 23.5%.
  • SharkNinja (NYSE: SN) is down 23.6%.

There are many other big companies taking double-digit hits today. VF Corp (NYSE: VFC), Carvana (NYSE: CVNA),  Gap (NYSE: GAP), and Urban Outfitters (NASDAQ: URBN) are all down 20-25%.

Notable Gainers Today

Almost no big-name gainers today due to the massive tariff increase. It will impact the entire economy, and most stocks have sold off. Certain penny stocks have increased, but not by massive margins.

  • Goodyear Tire & Rubber (NASDAQ: GT) is up 10% as Deutsche Bank called it a tariff winner.
  • Lamb Weston (NYSE: LW) is up 7% after solid Q3 earnings.
  • Molina Healthcare (NYSE: MOH) is up 7.7%.
  • National Grid (NYSE: NGG) is up 6%.

The image featured at the top of this post is ©The White House .

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