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 about 90% of its hardware in China.
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 (AYI) shares fell after the industrial technology company’s fiscal second-quarter revenue and profit came up short of analysts’ estimates.
Lamb Weston (LW) was among the top S&P 500 gainers as the frozen potato company posted higher-than-estimated quarterly results.
Kroger (KR) shares jumped as the grocer gained from investor buying of consumer staple stocks.
Diageo (DEO) shares rose, as the lack of reciprocal tariffs on Mexico and Canada benefited the maker of Don Julio tequila and Crown Royal Canadian whiskey.
Oil futures sank. The yield on the 10-year Treasury note and gold futures fell. The U.S. dollar lost ground to the euro, pound and yen. Prices for most major cryptocurrencies tumbled.
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