The Dow Jones Industrial Average took a massive hit, falling nearly 1,700 points, which ranks as one of the most significant single-day point losses in its history. The sell-off followed the introduction of unexpected tariffs that rattled global markets and sent shockwaves through the financial sector.<\/p>\n
Tech stocks bore the brunt of the impact, with the Nasdaq Composite plunging by 6% as major players like Apple and Nvidia faced steep declines. Apple\u2019s shares fell over 9%, driven by concerns about disrupted supply chains after China, a key source of components, was targeted with additional U.S. tariffs. Nvidia and other chip manufacturers also struggled, with Nvidia itself losing more than 7%. Collectively, the leading tech companies\u2014dubbed the \u201cMagnificent Seven\u201d\u2014shed more than $900 billion in market value.<\/p>\n
Smaller companies didn\u2019t escape the downturn either, as the Russell 2000 index dropped by 6.4%, officially entering bear market territory. This widespread decline was mirrored by a drop in the 10-year Treasury yield, which hit 4.05%\u2014its lowest point since late 2024\u2014as investors sought safer assets. The dollar also weakened significantly, with the dollar index falling by 1.5%.<\/p>\n