It looks like another wild day is in store for Wall Street on Thursday, with the three major indexes all dropping more than 2.23% in early trading. The red opening comes a day after one of the biggest single-day rallies in history, following President Trump’s announcement he was pausing reciprocal tariffs on most countries for 90 days.
The S&P 500 is down 2.79%, the Nasdaq has dropped 3.49% and Dow Jones has declined 2.23% about a half hour into Thursday’s trading. Several top media and tech stocks, including Warner Bros. Discovery and Roku, have also taken big hits following big gains on Wednesday.
A day prior, the tech-focused Nasdaq posted its biggest single-day gains since 2001, and the S&P 500 surged 9.52% — its biggest jump since Oct. 2008. The furious rally kicked into gear soon after President Trump said he would pause his new “liberation day” reciprocal tariff plan, although a 10% baseline tariff remains in place on most countries; the president also hiked up his tariff on China from 104% to 125% on Wednesday.
President Trump said he announced the tariff pause because people were “afraid” and getting “yippy.” The president also said he made his decision after watching JP Morgan Chase CEO Jamie Dimon tell Fox News on Wednesday morning he felt a recession was “likely” as a result of the new tariff plan.
President Trump, in a Truth Social post at 12:45 a.m. ET on Thursday, said, “What a day, but more great days coming!!!”
Hours before announcing his tariff pause, President Trump urged Americans to “be cool” about the markets dropping hard in another social media post, before adding it was a “GREAT TIME TO BUY!!!”
Here is how a few major media and tech stocks are performing as of Thursday morning:
Meta: -3.97%
Google: -1.56%
Fox Corp.: -2.56%
News Corp.: -2.27%
Amazon: -3.15%
Comcast: -2.35%
WBD: -9.77%
Netflix: -1.48%
Roku: -7.56%
Apple, meanwhile, was down 2.88% in early trading. The world’s most valuable company had shed nearly $1 trillion from its market cap in less than a week heading into Wednesday, before jumping more than 15% following the tariff pause. The company, led by CEO Tim Cook, has even flown in planes full of iPhones and other devices in recent days to avoid being hit by the new tariff on Chinese imports.
Elsewhere, the European Union said it would pause its own counter-tariffs against the U.S. for 90 days. And in other financial news, core inflation hit a four-year low in March, new data out Thursday showed.
