Selloff resumes on Wall Street as markets digest tariffs

Wall Street’s major indexes dropped on Thursday as worries mounted over how steep tariffs might rattle the global economy, reversing the huge gains from the day before when President Donald Trump eased levies on select countries. The shift came less than a day after the new tariffs hit most trading partners, sparking Wednesday’s massive rally — the S&P 500’s best single-day percentage surge since 2008 and the Nasdaq’s biggest one-day leap since 2001.
Reuters:
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Trump also announced a 90-day pause on many of his new reciprocal tariffs, but raised them to 125% on Chinese imports from 104%. Beijing had slapped 84% tariffs on U.S. imports to match Trump’s earlier levy.
The European Union said it had agreed on a 90-day pause on counter tariffs on U.S. goods, which were due on April 15.
Data on Thursday showed the consumer price index unexpectedly dipped 0.1% in March and advanced 2.4% in the 12 months through March. Economists polled by Reuters had forecast the CPI edging up 0.1% and climbing 2.6% year-on-year.
Big Tech came under pressure once again, with Apple down 5%, Microsoft 3.3% and Nvidia 5.6%.
The U.S. House of Representatives passed a budget plan that lays the groundwork for extending Trump’s 2017 tax cuts.

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MacDailyNews Take: It’s normal to see profit taking after a day like yesterday.
The turbulence will continue for a while. Just relax and enjoy the ride! Once the air clears, deals are inked, and, importantly, the U.S. tax bill is passed and signed, AAPL and the markets will be just fine. – MacDailyNews, April 8, 2025

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