Trump tariffs hit U.S. stocks hard as S&P 500 falls into retracement zone

U.S. stocks maintained a downward spiral at midday on Thursday, with the Dow down more than 1,300 points, the Nasdaq down nearly 5%, and the S&P 500 falling into retracement territory. US President Donald Trump announced an additional 10% to 49% ‘reciprocal tariffs’ on almost all countries, a move that could trigger a global trade war and hit the already weak US economy. US initial jobless claims fell unexpectedly last week. Trump tariffs and OPEC+'s plan to increase production sent oil prices reeling. The Dow fell 1,309.80 points, or 3.10 per cent, to 40,915.52, the Nasdaq dropped 861.38 points, or 4.89 per cent, to 16,739.67, and the S&P 500 fell 214.50 points, or 3.78 per cent, to 5,456.47.