President Trump’s new tariff plan has rocked Wall Street for a second straight day, with the Nasdaq, S&P 500 and Dow Jones all dropping more than 2.5% in early trading on Friday.
The decline comes a day after the biggest single-day selloff since COVID-19 smacked the market in March 2020. An hour into trading on Friday, the tech-focused Nasdaq is down 2.95%, the S&P 500 is down 3.64%, and the Dow is down 3.02%.
A number of media and tech stocks also took hits on Friday, including:
Warner Bros. Discovery: -8.6%
Google: -1.49%
Apple: -3.38%
Disney: -3.54%
Netflix: -4.36%
Amazon: -1,96%
Fox Corp.: -0.75%
News Corp: -3.30%
Roku: -7.6%
Comcast: -2.60%
Paramount: -2.40%
All of those companies listed above were also down on Thursday. Warner Bros. Discovery and Roku, in particular, have been hit hard since markets opened following Trump’s Wednesday tariff announcement. WBD has dropped from $10.56 per share when the market closed on Wednesday to $8.40 on Friday morning, while Roku has plummeted 22% since from Wednesday to Friday, trading for $55.79 per share.
The back-to-back brutal days for Wall Street come after President Trump announced his “Liberation Day” tariff plan, which included a 54% tariff against China and 24% on Japan. The president said the new tariffs would be America’s “declaration of economic independence” from other countries and help restore American manufacturing.
“April 2, 2025, will forever be remembered as the day American industry was reborn,” President Trump said at the White House on Wednesday. “In a few moments, I will sign a historic executive order instituting reciprocal tariffs around the world. Reciprocal — that means, they do it to us, and we do it to them. Very simple, can’t get any simpler than that.”
President Trump did not seem too worried about the selloff on Thursday afternoon. He posted a clip of himself on Truth Social, telling reporters the market and the American economy are going to “boom” soon enough. He added that several countries are looking to “make a deal” to alleviate the tariffs, after America’s trade partners have “taken advantage of us for many years.”
Wedbush Securities managing director Dan Ives, in a note to clients on Friday, said he is concerned the tariffs will wreck the market.
“The concept of taking the U.S. back to the 1980s ‘manufacturing days’ with these tariffs is a bad science experiment that in the process will cause an economic Armaddon in our view and crush the tech trade, AI Revolution theme and overall industry in the process,” Ives said.
The post Trump Tariffs Rock Wall Street for 2nd Straight Day as Media, Tech Stocks Sink More Than 20% for the Week appeared first on TheWrap.