Stock Market Carnage Wipes Out $6 Trillion, With Apple, Tesla And Nvidia Taking The Biggest Hits

In early April 2025, the global stock market experienced a historic downturn, erasing approximately $6.6 trillion in market capitalization over two days.

This unprecedented sell-off was primarily triggered by the announcement of significant tariffs by U.S. President Donald Trump, leading to widespread investor panic and fears of a global recession.

The Dow Jones Industrial Average plunged 2,230 points, or 5.5%, marking a 14% drop from its December peak. The S&P 500’s total market capitalization fell to $45.1 trillion. Since its recent peak on February 19, the index has lost $9.5 trillion down 17.4% overall.

Technology stocks led the bleeding on Friday, as Apple, Tesla, and Nvidia took the biggest hits. Apple slumped 7%, bringing its loss for the week to 13%. Nvidia pulled back 7% during the session, while Tesla fell 10%. All three companies have large exposure to China and are among the hardest hit by Beijing’s retaliatory duties.

The implementation of international tariffs has also taken a heavy toll on Russia’s already weakened economy, which has been reeling from three years of conflict in Ukraine. During the week, Russia’s MOEX stock market suffered a sharp 8.09% drop in market capitalization, a plunge not seen since September 2022. Major Russian companies such as Gazprom and Sberbank also saw their shares tumble by 5%.

Economists’ estimates have been far grimmer, with most predicting that President Trump’s sweeping tariffs and likely retaliation will slow U.S. economic growth, push up costs for consumers, and make life difficult for businesses that depend on international supply chains.

Speaking on the bloodbath experienced in the stock market, Emily Bowersock Hill, CEO and founding partner at Bowersock Capital Partners said,

“The bull market is dead, and it was destroyed by ideologues and self-inflicted wounds. While the market may be close to the bottom in the short term, we are concerned about the impact of a global trade war on long-term economic growth”.

Jay Woods, Chief global strategist at Freedom Capital Markets said,

“The fear now as we go into the weekend is the trade war escapers, and the US doesn’t back down”.

Also commenting on Trump’s tariff, business magnate and co-founder of Virgin Group Richard Branson on his LinkedIn page, pleaded with President Trump to realize the mistake of his tariff chaos and correct it.

He wrote,

“Strong leadership means taking risks and trying things but when it doesn’t work, realizing your mistake and correcting it. Quickly. One of the most important lessons I’ve learned from 60 years of business is to accept when I’m wrong and change course. The US government’s sweeping tariffs are taking the world’s economy in a dangerous direction. They will make people everywhere worse off especially in America.

“It’s not just about the economy. Countries that trade fairly and healthily prosper and flourish. They reduce poverty, improve health and education, and decrease the likelihood of war.  Courage and self-awareness are cornerstones of true leadership. That includes quickly acknowledging errors and making corrections. With a swift reversal back to sensible economic policy, America and the rest of the world can still avoid the catastrophic fallout these tariffs will inflict.”

Amidst a backlash to his tariff implementation, Trump appears to the unshaken posting on his Truth Social that his “policies will never change”.

He said the tariffs would reverse decades of what he called unfair treatment by the rest of the world and result in factories and jobs moving back to the United States.

“The markets are going to boom” and “the country is going to boom,” he added.

In the wake of this, investors are reportedly upping their bets on an economic downturn, as JPMorgan boosts the odds of a global recession to 60%. Traders have now priced in four interest rate cuts for this year.

The tariff-fueled stock market selloff intensified on Friday, capping a tumultuous two-day rout that erased a record $6.4 trillion in value. Selling accelerated as China vowed to impose new tariffs on U.S. goods, overshadowing a stronger-than-expected jobs report. The Dow Jones Industrial Average plunged 2,230 points, or 5.5%, marking a 14% drop from its December peak. Friday’s 6% decline in the S&P 500 brings the index down by 10% in the past two days. The technology-focused Nasdaq tumbled 5.8%, entering what Wall Street calls a bear market.

• Apple, Tesla and Nvidia were among the hardest hit, given their presence in China. Nike and Lululemon, which have manufacturing facilities in Vietnam, surged after President Trump said the country would remove its tariffs to prevent additional U.S. duties.

• “The bull market is dead,” one analyst told CNBC. “We are concerned about the impact of a global trade war on long-term economic growth.”

• Investors are upping their bets on an economic downturn, as JPMorgan boosts the odds of a global recession to 60%. Traders have now priced in four interest-rate cuts for this year, Bloomberg noted.