The first full trading session after tariffs were announced after market hours on Wednesday was a bloodbath, the worst day for stocks since the Covid crisis hit and a particularly rough day for companies that have spent the past decades building an intricate global supply chain.
 
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Hey Snackers,
Meta may have announced its new partnership with the UFC on Wednesday, but today we learned that CEO Mark Zuckerberg's love of MMA and other high-risk activities is actually listed as a material risk factor for the company. Unfortunately for Zuck, the new "masculine energy" he's trying to bring to the table couldn't fight off steep losses for the tech giant yesterday.
The market suffered its biggest loss since Covid yesterday, as traders reacted to the suite of tariffs that promises to push recession odds higher and make Americans poorer. The S&P 500 slumped 4.8%, the Nasdaq 100 sank 5.4%, and the Russell 2000 tumbled 6.6%.
Some on Wall Street are still of the view that these trade barriers, which may push the US effective tariff rate to its highest level in more than a century, are so onerous that they're more of a negotiating tactic than a looming reality.
👀 If you want to take your mind off the market mayhem, test your knowledge on the news of the week with our quiz:
In an April Fools' Day joke originating from GoBankingRates, which billionaire was jokingly reported to be buying Tesla? Check your answer.
 
OW. OW. OW.
Well, that sucked.
The first full trading session after tariffs were announced after market hours on Wednesday was a bloodbath, the worst day for stocks since the Covid crisis hit and a particularly rough day for companies that have spent the past decades building an intricate global supply chain.
Over $300 billion of Apple's market cap was vaporizedover the course of the trading day. Morgan Stanley wrote that "reciprocal tariffs are calamitousto IT Hardware." At the end of the day, the vast majority of iPhones, as well as more than 50% of Macs and 75% to 80% of iPads, are still produced in China, where the total tax rate would be 54%.
The US Dollar Index had its worst day in two years, with the dollar weakening significantly against currencies of other countries like Canada, Mexico, and South Korea. Analysts who had recently been bullish on the buck are warning that a "dollar confidence crisis" may be brewing.
Retail stocks got clobbered. Beyond spiking inflation and higher prices, the tariffs are also expected to reverse any burgeoning positive consumer trends.
Warning signs for the auto industry — more on that in a moment — were flashing red.
Either way, rough day.
THE TAKEAWAY
Want to dodge the pain? Not much to offer beyond cracking open an ice-cold Coke: the beverage maker hit an all-time high yesterday. Tariffs can't hurt you if you make all your products in the country where they're sold.
 
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As the markets freaked out about President Trump's new tariffs, automakers hit the gas on plans to adapt to the 25% tariffs on imported vehicles that went into effect yesterday.
GM is planning to produce more light-duty trucks at its Fort Wayne, Indiana, assembly plant, Reuters reported, which manufactures both the Chevrolet Silverado and GMC Sierra. Hiring hundreds of temporary workers and overtime days are being considered to increase output quickly.
Stellantis, maker of Dodge, Jeep, Ram, and other auto brands, meanwhile, said it's laying off 900 US workersacross five facilities and temporarily pausing production at two assembly plants in Canada and Mexico. Stellantis shares were some of the worst hit yesterday after, unlike GM and Ford, the company reported a first-quarter sales drop ahead of the tariffs.
THE TAKEAWAY
Everything automotive is about to get pricier and all the stocks are hurting because of it. Even Tesla, which assembles 100% of its cars in the US, isn't immune to the tariffs on imported auto parts, and it alsotumbled. Foreign carmakers are also starting to take action: Europe's largest automaker, Volkswagen,said yesterday that it's slapping an import fee on its tariffed cars.
Games for Sony's PS5 and Microsoft Xboxes tend to top out at $70 for standard editions, but Nintendo is raising the stakes — and the price — with the Switch 2.
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