global stock markets fell sharply on Thursday as US President Trump's comprehensive tariff plan kicked off a trade war with broad implications for the global economy. Public fears of rising prices, slowing economic growth, and even the possibility of a recession caused US stock indexes to plummet, marking their worst single-day performance since at least September 2022. Clothing and retail companies led the decline, with Williams-Sonoma, Ralph Lauren, and Deckers Outdoor all falling by over 17%. Tech and tech retail stocks such as HP, Best Buy, and Garmin also fell by at least 15%. The Magnificent 7 stocks that have led the market higher in the past two years also saw widespread declines, with Apple and Amazon both falling by over 8%. Over 400 stocks in the S&P 500 index declined.
