U.S. stocks turned sharply lower in after-hours trading after President Donald Trump announced sweeping new tariffs of at least 10% on imports from all trading partners.
The broad S&P was down 1.8%, the Dow Jones Industrial Average was 0.6% lower, and the tech-heavy Nasdaq slid more than 2.4%. Stocks gained during the trading day on Wednesday as investors awaited more clarity from the White House, but lost ground after the closing bell as the president laid out his plans.
The S&P 500 added 37.90 points, 0.7%, to close at 5,670.97. The Dow gained 235.36 points to hit 42,225.32, up about 0.6%, and the Nasdaq tacked on 151.16 points or 0.9% to close at 17,601.05.
The rally during the trading day Wednesday seemed to foreshadow a sense of relief among investors that the expected announcements would remove some uncertainty from the markets, analysts said.
More: Trump's tariffs plan rolls out today. Here's what you can expect: Live updates
"I’ve never seen anything like this. There’s so much uncertainty. We just don’t have answers," said Christine Short, vice president of research at analytics company Wall Street Horizon.
"A lot of the downturn we’ve seen recently is pricing in the uncertainty around tariffs," Short told USA TODAY. So far this year, the S&P 500 has lost 3.6%, the Nasdaq nearly 9%, and the Dow nearly 1%.
In emailed comments midday Wednesday, David Waddell, CEO and chief investment strategist at Waddell & Associates, called the market "pessimistic and oversold."
The 10-year U.S. Treasury note added 4 basis points Wednesday to close near 4.20%. Bond yields rise as prices fall, and vice versa. The benchmark bond has lost about 40 basis points so far this year. But gold added another $19 an ounce to trade near fresh highs as investors still sought safe haven assets.
Corporate news
Blackberry shares fell more than 9%, paring even steeper earlier losses, after the Canadian cybersecurity company announced earnings. The company, formerly known for its handheld devices, beat expectations, but trimmed revenue expectations.
Tesla's stock gained 5.3% after media reports that CEO Elon Musk might leave his role as White House adviser and return to the helm at the carmaker. That reversed early losses after Tesla reported first quarter deliveries of 336,681, below Wall Street expectations and touching the lowest level since 2022.
Shares of Boeing Company were slightly higher at the close after CEO Kelly Ortberg faced a Senate Commerce Committee hearing on safety concerns.