US OPEN: Indices drop after Trump’s ‘Liberation Day’

• President Trump's sweeping tariff announcement sent US stocks plummeting Thursday, with the S&P 500 futures tumbling 3%
• Apple (AAPL.US) shares plummeted 7.5% following Trump's tariff announcement, Nike (NKE) dropped 9.4% amid severe headwinds from the 46% reciprocal tariff on Vietnamese goods, while Walmart (WMT) fell 5.9%

Major US index futures are showing significant declines following President Trump's sweeping tariff announcement. The S&P 500 (US500) is down -1.27% to 5513.0, while the Dow (US30) is down -1.93% to 41214. Nasdaq futures (US100) are showing a decline of -0.79% to 18960.76, and the Russell 2000 (US2000) is down -0.67% to 1962.9. The VIX volatility index has surged +8.56% to 23.83, indicating sharply increased market uncertainty as investors react to the new tariff regime.

European markets are experiencing much steeper losses than their US counterparts, with most indices deep in the red. Germany's DAX (DE40) has fallen -2.41% to 22091.6, while the Euro Stoxx 50 (EU50) has dropped -3.22% to 5076.6. France's CAC 40 (FRA40) has declined -3.15% to 7627.4, and Italy's FTSE MIB (ITA40) is down -3.05% to 36631. The UK's FTSE 100 (UK100) index has fared somewhat better but still shows a decline of -1.35% to 8498.5. The VSTOXX European volatility index has skyrocketed +15.32% to 22.33, reflecting severe market anxiety across the continent, where exporters are particularly vulnerable to the new US tariff policy.

S&P 500 Sectors Show Mixed Performance. Source: Bloomberg Financial LP

Current volatility observed on Wall Street. Source: xStation 

The Nasdaq 100, represented by US100, has broken below recent lows at 19,195. Bulls need to reclaim the 78.6% Fibonacci retracement level to resume the uptrend, while bears will target November’s lows at 18,379. The RSI is approaching the 35.6 level, which previously signaled a trend change, while the MACD widens after a bearish crossover. Source: xStation 

Market News

• President Trump's sweeping tariff announcement sent US stocks plummeting Thursday, with the S&P 500 futures tumbling 3.5% as investors recognized the likelihood of higher consumer prices, supply chain disruptions, and potential retaliation from trading partners. Bloomberg Economics calculates the effective tax rate on imported goods may climb to around 23% — higher than any point in more than a century, creating what analysts describe as "sizable stagflation risks" for the US economy.
• Apple (AAPL.US) shares plummeted 9.3% following Trump's tariff announcement, with investors concerned about the tech giant's heavy reliance on Chinese manufacturing. With China now facing tariffs of well above 50% on many goods, Apple's supply chain faces significant disruption at a time when the company is already facing slowing iPhone sales. Wedbush analyst Dan Ives called the tariffs announcement "worse than the worst case scenario" that Wall Street had feared.
• Nike (NKE) dropped 11.9% as the footwear and apparel maker faces severe headwinds from the 46% reciprocal tariff on Vietnamese goods. Factories in Vietnam produced about 50% of Nike's footwear last year, with Indonesian facilities (now facing 32% tariffs) accounting for another 27%. Analysts warn that shifting production is nearly impossible in the short term, forcing companies to either absorb significant margin compression or pass costs to consumers.
• Walmart (WMT) reversed losses as investors calculated the massive retailer's exposure to imported goods across virtually every department. As the largest U.S. retailer, Walmart faces difficult decisions about absorbing higher costs or raising prices for consumers already struggling with inflation. The National Retail Federation warned that "tariffs are a tax paid by the US importer that will be passed along to the end consumer."
• Amazon (AMZN.US) shares declined 7.17% amid the tariff concerns, even as the company made headlines for submitting a surprise bid to acquire TikTok. The e-commerce giant not only faces higher costs for its own imported private-label products but also potential marketplace disruption as third-party sellers navigate the new tariff landscape. Separately, analysts noted Amazon's TikTok bid could face significant regulatory hurdles.
• Nvidia (NVDA) fell 5% despite assurances that Taiwan's 32% tariff wouldn't apply to semiconductors. Investors remain concerned about broader economic impacts and potential retaliation from China that could disrupt global technology supply chains. The AI chipmaker's valuation, which had soared to record levels in recent months, appears particularly vulnerable to macroeconomic headwinds.
• Tesla (TSLA) declined 3.3% following the tariff news, compounding pressure after the EV maker reported disappointing Q1 deliveries that dropped 13% year-over-year. While Tesla produces many vehicles domestically, it faces supply chain complications and potential component cost increases, along with concerns about consumer spending on big-ticket items in an uncertain economic environment.

Other news coming from individual S&P 500 index companies. Source: Bloomberg Financial LP