Wall Street Bleeds Red: Trump’s Trade Policy Shifts Drive Deepest Market Dive Since 2024

U.S. stocks plunged sharply Thursday as markets grappled with President Trump’s unpredictable trade policies and concerns about high-priced technology valuations.

The Nasdaq Composite officially slid into correction territory, falling over 10% from its December peak. The Dow Jones Industrial Average closed down 427.51 points (-0.99%) at 42,579.08.

The S&P 500 dropped 104.11 points (-1.78%) to 5,738.52, reaching its lowest level since November during the session. The tech-heavy Nasdaq Composite tumbled 483.48 points (-2.61%) to finish at 18,069.26.

The Russell 2000, representing smaller companies, fell 34.19 points (-1.63%) to 2,066.55. Thursday’s losses contributed to a dismal week on Wall Street. The Dow has declined nearly 3% this week, heading for its worst performance since March 2023.

Both the S&P 500 and Nasdaq are tracking their most challenging week since September 2024. Market sentiment soured despite President Trump announcing a temporary reprieve from tariffs on certain Mexican and Canadian products.

After speaking with Mexican President Claudia Sheinbaum, Trump stated Mexico would not face tariffs on goods covered under the USMCA until April 2.

This announcement followed a previous decision to implement a one-month pause on 25% tariffs affecting automakers from Mexico and Canada. However, these concessions did little to ease investor concerns about broader trade policy uncertainty.

Top Winners

The day’s biggest gainers defied the broader market decline:

1. Apogee Enterprises (APOG): Surged 24.27% to $85.16, reaching a 52-week high on volume significantly above average.

2. Frontier Group Holdings (ULCC): Jumped 17.28% to $5.87 amid a broader rally in airline stocks.

3. JetBlue Airways (JBLU): Climbed 16.41% to $7.45 on heavy volume of 23.3 million shares versus its average of 16.7 million.

4. ACM Research (ACMR): Advanced 15.78% to $21.87 with trading volume more than double its daily average.

5. Burlington Stores (BURL): Rose 12% after reporting better-than-expected quarterly results and guidance, with comparable store sales growing 6%, well above forecasts.

Top Losers

The market’s worst performers included:

1. Marvell Technology (MRVL): Plummeted nearly 19% after the company’s quarterly revenue forecast disappointed investors hoping for stronger returns from AI investments.

2. ZIM Integrated Shipping Services (ZIM): Tumbled 14.77% to $18.46 on volume more than double its daily average.

3. Rezolve AI (RZLV): Fell 10.22% to $6.50 on relatively light volume.

4. Rivian Automotive (RIVN): Slid 6.82% to $10.05 as the electric vehicle maker continues to face challenges.

5. Coeur Mining (CDE): Declined 6.65% to $6.60 on heavy volume of 14.6 million shares versus its 7.3 million average.

Tech stocks faced particular pressure as artificial intelligence growth concerns persisted. Semiconductor stocks suffered broad declines following Marvell’s disappointing guidance. Even market darling Nvidia (NVDA) struggled, though it managed to close up slightly by 0.93%.

Investors are now focused on Friday’s crucial jobs report, which could influence Federal Reserve rate cut expectations. Recent jobless claims data showed 221,000 initial claims—lower than the previous week and below economists’ predictions.

The nonfarm payrolls report will provide further insights into labor market health amid growing concerns about a potential economic slowdown.

The continued market volatility reflects broader uncertainties about global trade tensions, inflationary pressures, and the sustainability of high technology valuations as the Trump administration’s policies continue to evolve.

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