U.S. stocks posted their worst performance since September 2022, as global markets bear the cost of Trump's tariff plan

ChainCatcher news, according to Jinshi reports, global stock markets plummeted on Thursday as President Trump's comprehensive tariff plan initiated a trade war with widespread implications for the global economy. Public fears of rising prices and the potential for economic slowdown or even recession led to a sharp decline in U.S. stock indices, recording the worst single-day performance since September 2022.

Clothing and retail companies led the decline, with Williams-Sonoma, Ralph Lauren, and Deckers Outdoor all dropping over 17%. Technology and tech retail stocks such as HP, Best Buy, and Garmin fell by at least 15%. The Magnificent 7 stocks, which have driven the market higher over the past two years, also generally declined, with Apple and Amazon both down more than 8%. Over 400 stocks in the S&P 500 index fell.

The S&P 500 index is currently down 4.1%, on track to record its largest single-day drop since September 2022.

The Nasdaq's decline once widened to 5.8%, poised to mark its largest single-day drop since March 2020.

The Dow Jones is down about 3.4%, likely to record its largest single-day drop since September 2022.