Asian markets and U.S. futures tumbled Thursday following U.S. President Donald Trump’s announcement of big increases in tariffs on imports of goods

The Dow Jones Industrial Average plunged over 1,400 points, or 3.5%, shortly after stock market trading opened Thursday in the wake of President Donald Trump announcing sweeping global tariffs Wednesday.

The “Magnificent Seven” group of megacap stocks is headed for a record one-day loss of market capitalization as tariff fears slam the tech sector.

The Dow opened sharply lower as investors fret over the potential economic impact of President Trump's latest tariffs.

Stock futures plunged Thursday as market participants digested the highly anticipated announcement by President Donald Trump late yesterday of new tariffs against nearly all U.S. trading partners.

The S&P 500 was down 4% in morning trading, worse than the drops for other major stock markets. The Dow Jones Industrial Average was down 1,520 points, or 3.6%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was 4.0% lower.

Major stocks like the S&P 500 and Dow Jones open down significantly, with experts warning that rising prices could hurt consumers during this volatile period.

The market may react negatively to tariff announcements, with Dow Jones Futures dipping due to inflation concerns. Higher tariffs could delay US Federal Reserve rate cuts, impacting economic growth and market sentiment,