US stock futures are pointing at a sharp decline on Thursday after President Trump announced a 10% tariff on all US trading partners, triggering widespread market uncertainty and shaking the global trade landscape.

Tech, small cap, bank, private equity and other stocks led a furious sell-off in the stock market today in the wake of sweeping tariffs by President Trump.

The stock market is headed for its largest drop in market value in more than five years. The U.S. market had lost roughly $2.7 trillion in market capitalization as of Thursday morning, according to Dow Jones Market Data.

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 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.

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.

Trump announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from certain countries like China and those from the E.U.

The Dow, S&P 500 and Nasdaq fell sharply after Trump slapped tariffs on a host of countries including China, Japan, India and Europe. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

The reaction to Trump's sweeping tariffs announcement didn't take long to hit the U.S. stock market, with Dow Futures plummeting over 1,000 points by Wednesday evening.