President Donald Trump's sweeping new trade tariffs sent shockwaves through global markets on Thursday, triggering a massive sell-off that echoed the COVID-19 pandemic-era routs, as investor risk appetite vanished in a flash.

Wall Street saw a staggering $2 trillion in market cap erased, with the U.S.’s biggest 10 companies shedding $1 trillion alone.

The S&P 500 fell nearly 4%, poised for its worst session since September 2022, and sank to a seven-month low. Small caps took the brunt of the sell-off, with the Russell 2000 plunging over 5% and officially entering a bear market, now down more than 20% from its 2024 peak.

Fears of retaliatory action from key U.S. trading partners dragged every major sector into the red, except for defensive plays like consumer staples and utilities.

Bond markets saw a mild flight to safety. Treasury yields edged lower, yet the U.S. dollar weakened 1.6%, with the DXY index heading for its worst day since November 2022.

Commodities weren't spared. Oil prices nosedived on fears of a global slowdown, worsened by OPEC+'s surprise move to raise output. West Texas Intermediate crude plunged 7.5%, slipping below $70 per barrel.

Bitcoin (CRYPTO: BTC) showed relative resilience in the carnage, dipping just 1% and holding above $81,600.

Thursday’s Performance in Major U.S. Indices, ETFs

According to Benzinga Pro data:

Other Major Stock, ETFs Moves To Know

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