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U.S. equities are plunging at midday, dragged lower by Trump administration’s sweeping reciprocal tariffs. The Dow Jones Industrial Average, S&P 500, and Nasdaq all plummeted.
Apple (AAPL) shares sank, leading Magnificent Seven declines, after President Trump imposed a 34% import tax on China, adding to 20% levies imposed earlier. Apple manufactures 90% of its hardware there.
Target (TGT) shares tumbled, joining other retailers, on worries that the increased tariffs could negatively impact profit margins unless they and their suppliers raise prices.
Acuity shares fell after the industrial tech company’s fiscal second quarter revenue and profit failed to meet analyst expectations.
Lamb Weston (LW) was among the top S&P 500 gainers as the frozen potato company posted higher-than-estimated quarterly results.
Kroger (KR), the grocery chain, saw its shares rise as a result of investor buying consumer staples stocks.
Diageo’s (DEO) shares rose as the lack of reciprocal duties on Mexico and Canada benefited Diageo, the maker of Don Julio Tequila and Crown Royal Canadian Whiskey.
Oil futures sank. Gold futures and the yield on 10-year Treasury notes fell. The U.S. currency lost ground against the pound, euro and yen. Prices for the majority of major cryptocurrencies fell.
