Dow drops 1,600 points, S&P 500, Nasdaq see largest one-day losses since 2020

The US stock market faced a significant sell-off, with the Dow Jones falling 1,679 points (-3.98%) and the Nasdaq tumbling 5.97% following President Trump's tariff announcements. The S&P 500 dropped 4.84%, marking its worst day since 2020. Major companies like Nike and Apple saw declines of 13% and 10%, respectively.

The US dollar experienced its largest single-day decline, dropping 2.1% against major currencies. Concerns over a potential recession and a trade war are prompting shifts toward safer assets. Analysts warn that persistent tariffs could drive inflation up to 5%.