Major stock markets in the United States ended Thursday's trading session with sharp losses, experiencing the worst one-day loss since the COVID-19 pandemic. Global markets crashed after President Donald Trump introduced global reciprocal tariffs, escalating the trade war and raising concerns among investors. However, Trump revealed that he expects the US stock market "to boom" after the imposition of tariffs. In business, The Information reported that Intel and TSMC agreed to form a joint venture to operate Intel's chipmaking facilities.
The Dow Jones plunged 3.98% or 1,680 points at the closing bell with Nike tumbling 14.44%. The Nasdaq 100 dipped 5.41% as Microchip Technology sank 16.80%. The S&P 500 slid 4.84%, and Dell Technologies nosedived 18.99%.
The euro gained 1.57% compared to the dollar at 3:58 pm ET to sell for $1.10235.
