Stocks plunged Thursday, turning in their worst performance since early in the Covid pandemic, as market participants reacted to President Donald Trump's announcement of wide-ranging tariffs against nearly all U.

Financial markets around the world are reeling following President Trump’s latest and most severe volley of tariffs, and the US stock market is taking the worst of it so far.

Futures for the S&P 500 slumped 3.4% before the bell, while Dow Jones Industrial Average futures lost 2.8%, auguring potential losses when U.S. markets reopen in a couple hours. Nasdaq futures tumbled 3.8%. Oil prices fell more than 4% and the U.S. dollar hit its lowest level against the Japanese yen since early October.

S&P 500 companies lost a combined $2.4 trillion in stock market value in Thursday's selloff, their biggest one-day loss since the pandemic sent global markets into a tailspin on March 16, 2020.

Stocks around the world sank on Thursday as questions about how businesses and households will swallow the cost of new, sweeping tariffs in the US raised concerns about economic downturn. In the US, the S&P 500,

"It’s ridiculous. It shows no comprehension as to what he is doing to other countries. And it is going to hurt the U.S." Stock markets globally have been choppy in

US stocks tumbled on Thursday while the dollar slumped, as investors bet that Donald Trump’s sweeping tariffs would result in pain for the US economy. The S&P 500 fell 4.3 per cent in morning trading.

Big investors reeling from the shock of U.S. President Donald Trump's hefty new tariffs are pulling out their global recession playbooks and rushing to diversify away from battered Wall Street stocks and the dollar.

Stocks cratered in the U.S. on Thursday, one day after President Trump unveiled his plans for a 10% baseline tariff on all nations and higher levies for some. CBS News' John Dickerson anchors a special report.