Roughly $1.7 trillion was erased from the S&P 500 at the start of US trading on Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession. The index is on the brink of a crucial technical inflection point that threatens a longer-term wipeout.
The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple, which makes the majority of its US-sold devices in China, plunged after the open – even after a yearslong effort to insulate itself from trade wars.
