DOW futures tank Following Trump’s ‘Liberation Day’

Futures tied to the Dow Jones Industrial Average lost 918 points, or 2.2%. S&P 500 futures dropped 3.2%. Nasdaq-100 futures lost 4.1%.

Shares of multinational companies tumbled in extended trading. Nike and Apple each dropped about 7%. Shares of big sellers of imported goods were among the hardest hit. Five Below lost 15%, Dollar Tree tumbled 11% and Gap plunged 8.5%. Tech shares dropped in an overall risk-off mood, with Nvidia off 4.5% and Tesla down 6%.

The White House unveiled a baseline tariff rate of 10% on all countries that goes into effect April 5. Even bigger duties against countries that levy higher rates on the U.S. will be charged in coming days, according to the administration.

“We will charge them approximately half of what they are and have been charging us,” said Trump in a press conference from the White House Rose Garden. “So, the tariffs will be not a full reciprocal.”