President Donald Trump’s tariff announcement on Wednesday triggered significant after-hours trading reactions. Dow Jones lost 751 points, or 1.8%. S&P 500 futures tanked 3% and Nasdaq-100 futures lost 3.8% after hours. Shares of multinational companies were hit.
Trump declared at least 10% tariffs on practically all goods imported into the United States. He further revealed a chart, detailing revised tariff rates for most of the country’s trade partners.
As soon as the president signed the executive order, Nike lost 7% and Apple’s shares fell 6%. Five Below took an 11% hit and Gap plunged 12%. Tech shares, including Nvidia at 4%, were down after hours. Elon Musk-led Tesla tanked by 5%.
Read More: Trump’s tariff chart: When will additional rates be applied to countries on the list – Details
Technology and semiconductor stocks also saw steep after-hours losses, driven by the global supply chain implications of tariffs on countries like Taiwan (32%) and China.
Indian, Japanese, and Chinese stocks also fell in extended trading. The iShares MSCI India ETF dropped around 2.8%, while the iShares MSCI Japan ETF (EWJ) declined 3.2%. The iShares MSCI China ETF (MCHI) tanked by about 2.4%.
Ralph Lauren dropped more than 5% and Estée Lauder declined 3.5%.
“What was delivered was as haphazard as anything this administration has done to date, and the level of complication on top of the ultimate level of new tariffs is worse than had been feared and not yet priced into the market,” Art Hogan, chief market strategist at B Riley Wealth Management, told CNBC.
Read More: Trump’s complete tariff list: Which countries are affected and by how much
“When the press conference first started the President said tariffs would start with a 10% baseline across the board. That was better than expected, which was why we saw futures rallying,” Chris Zaccarelli, chief investment officer at Northlight Asset Management, told Bloomberg.
“But once he got to specifics and started giving examples which were significantly higher than 10%, that’s when futures turned around and went negative,” Zaccarelli added.
