Dow Jones Industrial Average futures slid Thursday night after President Donald Trump’s tariff plan triggered the biggest slide in U.S. equities in five years.
Futures tied to the blue-chip index lost 77 points, or 0.2%, after the 30-stock average tumbled more than 1,600 points in the prior session. S&P 500 futures lost 0.1%, and Nasdaq 100 futures were marginally lower.
Thursday night’s action follows the worst day since 2020 for each of the three major indexes. The Dow and S&P 500 dropped roughly 4% and 4.8%, respectively, while the technology-heavy Nasdaq Composite plunged nearly 6%.
The S&P 500 fell back into a correction Thursday, down more than 10% from its February all-time high. The small-cap focused Russell 2000 dove more than 6%, the first widely followed measure of U.S. stocks to enter a bear market, or a decline of at least 20% from its last peak.
Thursday’s sell-off hit megacap technology stocks especially hard, with CNBC’s Magnificent Seven index sliding more than 6%. Collectively, the stocks in the “Magnificent Seven,” which led the market higher in both 2023 and 2024, lost more than $1 trillion in market value.
The Nasdaq Composite has led the way lower for stocks this week, falling 4.5% as the tariff plan drove investors to reduce their risk exposure. The S&P 500 and Dow Industrials have slipped 3.3% and 2.5%, respectively, week to date. Both the Nasdaq and S&P 500 are tracking for their worst weekly performances since September 2024 and sixth negative week of the last seven.
Global markets sold off after Trump on Wednesday announced a baseline tariff rate of 10% on imported goods from all countries going into effect April 5. Several nations face far higher levies, according to the White House.
Investors now wonder if countries will be able to strike trade deals with the U.S. to reduce tariff duties. Trump said Thursday he is open to trade negotiations, an about-face from earlier statements by administration officials.
“The Trump administration may be playing a game of chicken with trading partners, but market participants aren’t willing to wait around for the results,” said Michael Arone, SPDR chief investment strategist at State Street Global Advisors. “Investors are selling first and asking questions later.”
Investors on Friday morning will focus on the closely watched jobs report for March. Economists polled by Dow Jones expect nonfarm payrolls to rise by 140,000 jobs and the unemployment rate to hold steady at 4.1%.
Stocks head for losing week
After Thursday’s steep sell-off, the three major indexes are on track to finish the week squarely in the red.
The Nasdaq Composite and S&P 500 have tumbled 4.5% and 3.3%, respectively, week to date. Both the Nasdaq and S&P 500 are tracking for their worst weekly performances since September 2024 and sixth negative week of the last seven.
The Dow has slid 2.5% this week.
— Alex Harring
Consumer staples, utilities shine in a tumultuous week for stocks
When markets get agitated, investors flee for what they know: snacks, groceries and utilities.
Consumer staples and utilities, traditionally defensive corners of the market, are on pace for positive weeks. Staples are up 2.4% week to date, while utilities are on track for a 1.2% advance.
Big winners among consumer staples include potato producer Lamb Weston, which surged 10% on Thursday and is on track for a 10% pop this week. The company caught a tailwind from fiscal third-quarter results that surpassed consensus estimates, per StreetAccount. The top bands of its full-year earnings and revenue guidance also topped the Street’s estimates.
Dollar General, which is on track for a 9.7% week-to-date jump, and supermarket giant Kroger, up 6% this week, are also big winners in the staples category.
Among utilities, Exelon Corporation is the top performer this week, up 5.6% thus far. American Water Works and Duke Energy follow, both on pace to rise 3.9% during the period.
To sweeten the deal for investors, not only did these names survive Thursday’s sell-off, but they are also all dividend payers. Consider that Exelon and Duke offer dividend yields in excess of 3%, while Dollar General and Lamb Weston have dividend yields that top 2%.
— Darla Mercado
GameStop rises after Ryan Cohen buys more shares
Shares of GameStop climbed nearly 3% in extended trading after a regulatory filing revealed CEO Ryan Cohen bought more shares of his video game retailer.
Cohen increased his stake to 37.3 million shares from 36.8 million shares. The meme stock dropped 7% Thursday amid a broad market sell-off triggered by Trump’s tariff rollout.
GameStop recently raised $1.3 billion through the sale of convertible senior notes due in 2030 to buy bitcoin. The stock is down more than 32% this year.
— Yun Li
JPMorgan chief economist hikes global recession odds following tariff announcement
The odds of a global recession will rise to 60% if President Donald Trump’s tariff plan goes forward as initially presented, according to Bruce Kasman, chief economist at JPMorgan.
Kasman previously had the likelihood set at 40%.
“We are not making immediate changes to our forecasts and want to see the initial implementation and negotiation process that takes hold. However, we view the full implementation of announced policies as a substantial macroeconomic shock not currently incorporated in our forecasts,” he wrote to clients in a Thursday note. “We thus emphasize that these policies, if sustained, would likely push the [U.S.] and possibly global economy into recession this year.”
— Alex Harring
Dow futures are lower
Dow futures were down shortly after 6 p.m. ET.
Futures tied to the blue-chip index and the broad S&P 500 both slipped 0.1% shortly after 6 p.m. ET. Nasdaq 100 futures sat near flat.
— Alex Harring