Dow ends 1,000 pts lower on Thursday after sharp swings

US stocks closed sharply lower on Thursday in a volatile session that saw the major averages swing wildly, as markets reacted to an updated tariff announcement from the White House.

The major indexes plunged to session lows after officials confirmed that increased levies on Chinese goods would rise to 145% — not 125% as previously stated. The Dow Jones Industrial Average dropped more than 2,100 points at its worst, the S&P 500 fell 6%, and the Nasdaq Composite tumbled over 7%.

However, the losses were trimmed by the close. The Dow ended 1,014 points, or 2.5% lower. The S&P 500 shed 3.46%, while the Nasdaq lost 4.31%. The 10-year Treasury yield, a key gauge amid recent bond market turbulence, ended Thursday little changed at around 4.39%.

The reversal erased much of Wednesday’s rally and was led by a steep sell-off in tech stocks. Tesla dropped 8%, Apple fell over 4%, and Nvidia and Meta slid nearly 7% each.