Stock Market Update

[BRIEFING.COM] The stock market opened with big losses. The Dow Jones Industrial Average is more than 1,000 points lower, the S&P 500 sports a 3.6% decline, and the Nasdaq Composite has plunged 4.6% thus far.

The trade war has heated up after the Trump administration imposed sweeping 10% tariffs on global imports with higher rates applied to 60 other countries. Large cap tech has plunged in response, having an outsized impact on major indices.

Apple (AAPL 203.88, -20.07, -8.9%), Amazon.com (AMZN 182.38, -13.69, -7.0%), and Meta Platforms (META 543.12, -40.76, -7.0%) are among the worst performers in terms of percentage decline.

The market is worried about growth prospects following the tariff news and some weak data this morning. The ISM Services Index dropped to 50.8% in March (Briefing.com consensus 53.2%). A reading above 50.0% is still indicative of expansion in the countries largest sector. 

Earlier, the S&P Global US Services PMI rose to 54.4 in the final March reading from 54.3.