Market Turmoil Follows New Tariff Announcements

Wall Street faced significant losses as trading commenced on Thursday, with investors reacting to the recent imposition of reciprocal tariffs by U.S. President Donald Trump. The move has sparked concerns over the potential global economic fallout, as markets await retaliatory measures from affected countries.

Significant Drops Across Major Indices

The Dow Jones Industrial Average saw a sharp decline of 2.61%, with Nike's shares taking a notable hit of 12.23%. Similarly, the Nasdaq 100 experienced a 4.12% drop, led by Lululemon Athletica's 10.07% fall. The S&P 500 wasn't spared, crashing 3.37% after Gardmin Ltd. plummeted 14.88%.

Euro Strengthens Against the Dollar

Amid the market chaos, the euro surged 2.23% against the dollar, trading at $1.10986 by 9:29 am ET.