The market declined on Thursday following President Trump’s declaration of a 10% broad tariff on imports into the US, alongside the announcement of extra targeted tariffs on numerous US trading partners.
Certain companies benefited greatly from the tariff developments, whereas others faced substantial setbacks.
Gainers: Consumer staples, discount retailers, healthcare, tobacco
The beneficiaries were primarily in the consumer staple sectors.
Potato processor Lamb Weston Holdings witnessed over a 10% increase in stock by 3pm EDT.
Shares of discount retailers increased nearly 5%.
Grocery chain stocks experienced growth of more than 4.5%.
Three insurance firms – Elevance Health, Centene Corp., and Molina Healthcare – also reported significant gains, with their shares climbing at least 5% by 3:30pm.
Decliners: Apparel, technology, entertainment, luxury items
The electronics sector suffered major declines. Losses were felt throughout the electronic production chain, affecting chip manufacturers, computer producers, and electronic retail businesses.
Dell Technologies’ stock plummeted more than 18% by Thursday afternoon. Western Digital Corp. dropped over 17%, while Microchip Technology fell by more than 16%. Best Buy’s shares also decreased by more than 17%.
The electronic trade group IPC released a statement on Wednesday expressing that tariffs would not assist the Trump administration in achieving its aim of bolstering US manufacturing.
“Taxes will not fulfill this objective,” stated Richard Cuppett, IPC director for North American government affairs.
He asserted that the tariffs were “more likely” to encourage offshore production.
Contrarily, Trump argued that his tariffs would produce the opposite effect.
“Jobs and factories are returning to our nation,” Trump stated on Wednesday during the tariff announcement.
Nike was also among the top decliners for the day, down 14%. American Express, Apple, Walt Disney Co., and Goldman Sachs each fell by 9%.
Additional significant losses on Thursday included Williams Sonoma, Norwegian Cruise Line, and Ralph Lauren apparel company.
