Stocks slide as Dow drops 600 points, Apple, Tesla, Nvidia lose nearly 4% 

Stocks fell sharply on Thursday, pulling back from a historic rally sparked by President Donald Trump’s announcement of a 90-day tariff reprieve.

The Dow Jones Industrial Average dropped 629 points, or 1.6%, while the S&P 500 fell 2.1%. The Nasdaq Composite slid 2.9%, giving back a portion of Wednesday’s massive gains.

Tech stocks led the decline, with Apple down 3.8% and Tesla falling 5%. Nvidia lost 4%, and Meta Platforms dipped 1.7%, CNBC reported on Thursday.

On Thursday, S&P 500 futures experienced a 1.5% decline, marking a retreat from the nearly 10% increase seen on Wednesday. The dollar also depreciated for a third consecutive day. Meanwhile, bond prices rose as investors sought refuge in assets such as gold, the Swiss franc, and the yen. Additionally, Brent crude dropped below $64 per barrel.

The pullback followed one of Wall Street’s most explosive sessions in decades. On Wednesday, the S&P 500 jumped over 9%, marking its third-largest one-day gain since World War II. The Dow posted its biggest percentage increase since March 2020, while the Nasdaq logged its second-best day ever, and its strongest since January 2001.

Wednesday also saw a record-shattering 30 billion shares traded—the highest daily volume in at least 18 years.

The market rally was driven by Trump’s announcement of a 90-day reduction in tariff rates to a universal 10%, excluding Canada and Mexico from any additional duties. The European Union responded Thursday with its own 90-day pause on tariffs targeting U.S. goods, further boosting hopes of easing global trade tensions.