The The U.S. stock market experienced a significant downturn on Thursday. in the fallout from President Donald Trump's extensive tariffs.
Mona Mahajan, who leads the investment strategy at Edward Jones, informed Reuters that the scale and extent of the tariffs declared surpassed even the gloomiest predictions made by some analysts. She noted this realization is dawning upon markets, indicating potential significant effects on economic expansion as well as, undoubtedly, inflation rates.
The dollar fell to a six-month low against both Japan's yen and Switzerland's franc.
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The steep decline affected everyone, with even the wealthiest individuals losing billions of dollars.
Take a look at these remarkable figures from Thursday:
By the numbers
- $2.4 trillion lost stock market value S&P 500 companies , marking their largest single-day decline since the COVID-19 pandemic caused major turbulence in global markets on March 16, 2020.
- $208 billion is how much the world's 500 richest people lost on Thursday, Bloomberg News reports. Over the 13 years since the inception of the Bloomberg Billionaires Index, this marks the fourth biggest drop in a single day.
- $17.9 billion How much does the founder of Meta earn? Mark Zuckerberg Bloomberg News reported that it was lost on Thursday.
- $15.9 billion is the amount Jeff Bezos dropped after Amazon's shares decreased by 9% on Thursday, as reported by Bloomberg.
- $11 billion What did Thursday's drop in value amount to? Elon Musk As reported by Bloomberg, Tesla's shares dropped 5.5%.
- 1,700 points How much did the Dow fall on Thursday?
- 4.8% (275 points) drop for the S&P 500 It marks its biggest single-day decline since June 2020.
- 6% (1,050 points) is the amount of pontos Nasdaq The Composite dropped significantly, marking its largest single-day decrease since March 2020.
- 9.25% This refers to how significantly Apple's stock decreased in value on Thursday due to its substantial manufacturing presence in China.
What experts are saying
"Coming into this year, there was this assumption that this administration would be brilliant for the U.S. economy and difficult for the rest of the world," Hugh Gimber, global market strategist at J.P. Morgan Asset Management in London, told Reuters. "It's increasingly evident this policy mix in the U.S. is more difficult for the U.S. itself."
The upcoming week is crucial since the maximum tariff rates come into effect on April 9th, according to Jeff Buchbinder, Chief Equity Strategist at LPL Financial, speaking with USA Today. He noted that stock prices might find stability when trade talks begin yielding positive outcomes and lead to reduced tariffs, provided the market understands that no additional significant tariff increases will occur due to countermeasures.
Clearly, investors are worried about potential reprisals from other nations that might trigger a worldwide economic downturn," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York, speaking with Reuters. "However, we’ve seen recently that sporadic tariff implementations aren’t uncommon for Trump. Thus, we will need to wait and observe whether these tariffs persist.
The content of the article includes information sourced from Reuters and USA Today.
The article initially appeared on NorthJersey.com. Impact of Thursday's market downturn - global billionaires see a loss of $208 billion. Insights from industry experts.