The Dow Jones Industrial Average and other major stock indexes plummeted Thursday after President Donald Trump's bigger-than-expected tariffs walloped the markets. Big early losers on the stock market today included Apple, Nvidia and Tesla.
Late Wednesday, Trump announced a 10% baseline on all imports worldwide. But many key trading partners will face much higher duties, though Trump claimed they don't fully cover what other countries impose in the U.S. via tariffs and nontariff trade barriers.
The U.S. will charge a 34% tariff rate on importers of Chinese goods. That comes to 54%, including on Apple iPhones, following two 10% tariff hikes by Trump earlier this year.
Trump also is imposing a 20% tariff on imports from the European Union, 24% on Japan imports and 46% on Vietnamese goods.
Trump said the U.S. is charging tariffs that are half of what those counties impose on the U.S. But the U.S. tariffs are actually based on trade deficits.
In this case, the White House simply took the U.S. goods trade deficit with that country, then divided by its exports to the U.S., and claimed that was the country's effective tariff rate. Trump then imposed half that rate as the U.S. tariff vs. that country.
The baseline tariffs will kick in on April 5, with the higher "reciprocal" tariffs starting April 9.
Find The Next Palantir Or Hot IPO For Next Uptrend. Here's How.
Stock Market Today: Nasdaq Loses 4.5%
After the opening bell, the Dow Jones Industrial Average traded 2.8% lower, down 1,200 points. The S&P 500 tumbled 3.2%. And the tech-heavy Nasdaq composite lost 4.3%.
The 10-year Treasury yield tumbled to 4.02% early Thursday. And oil prices plunged, as West Texas Intermediate futures traded near $67 per barrel.
Among exchange traded funds, the Invesco QQQ Trust fell 3.6%, while the SPDR S&P 500 ETF lost 3.2% after the open.
In stocks, Apple crumbled nearly 9% in morning trades Thursday. Apple, which rose for a third straight day Wednesday, remains below its 200-day moving average.
Tesla stock skidded 4% in morning action Thursday. Shares of the Elon Musk-led company are around 40% off their record high of 488.54, reached on Dec. 18. Tesla stock remains stuck below its 200-day moving average line and set to give up Wednesday's big rebound.
Meanwhile, Nvidia stock plunged nearly 5% in Thursday's trading, as the artificial intelligence giant tumbled back to its recent lows.
In other economic news, the Labor Department's weekly unemployment claims unexpectedly fell to 219,000 vs. 224,000 in the previous week. They were expected to rise to 226,000, according to Econoday estimates.
Tesla Stock Jumps, But This Threat Continues To Loom
Dow Jones, Major Indexes Move
On Wednesday, blue chips on the Dow Jones Industrial Average rose 0.6%, while the S&P 500 gained 0.7% and the Nasdaq climbed 0.9%.
Following big losses in recent sessions, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are Heico, Ollie's Bargain Outlet, Life Time and Uber Technologies.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Travelers.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
China Expansion Helps Fuel This AI-Powered Cloud Stock In Rough Market
Dow Jones Stocks: Travelers Just Below Buy Point
Dow Jones component and insurance giant Travelers is tracing a flat base that has a 269.56 buy point, according to MarketSurge chart analysis. Shares fell below a 263.08 handle entry in morning action Thursday with a 1% drop.
Outside the Dow, Ollie's Bargain Outlet broke out past a 115.42 entry in a double bottom Wednesday. But shares tumbled 4.4% Thursday.
Recent IBD Stock Of The Day Heico is just below a 270.37 entry in a cup with handle, as shares declined 2.4% Thursday.
IBD Leaderboard stock Life Time is trying to halt its recent decline at the 50-day line, a key level to watch. A short cup with handle offers a 32.85 buy point. Its relative strength line hit a new high last week. Life Time stock dropped 4.5% in morning action Thursday.
Finally, ride-hailing giant Uber is attempting to find support at the 50-day line as a cup with handle takes shape. The official buy point is 82.10 with an early entry at 77.58. Uber stock sank nearly 4% in Thursday's trading.
Tesla Tanks, Nvidia Slides — What's An Investor To Do? Start Here
Stock Market: Companies To Watch
These are four stocks in or near buy zones in Thursday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Life Time | 32.85 | Cup with handle | |
| Travelers | 269.56 | Flat base | |
| Heico | 270.37 | Cup with handle | |
| Ollie's Bargain Outlet | 115.42 | Double bottom |
Source: IBD Data as of April 2
Here's How To Analyze Stocks Like Nvidia In Good Times And Bad
Dow Jones Leaders: Amazon, Microsoft
Magnificent Seven stocks are back near their recent lows following heavy selling pressure last week. Dow Jones component Amazon hit a fresh recent low during Monday's losses. And Amazon stock sold off 7.5% early Thursday.
Finally, software giant Microsoft fell 2.9% Thursday. Shares reached a new 52-week low Monday.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
