All three major US stock indexes were down over 3%, with the Nasdaq Composite trading down roughly 5.2% as investors react negatively to President Donald Trump's late-Wednesday announcement of sweeping tariffs.

In company news, Apple (AAPL), Dell Technologies (DELL) and HP (HPQ) are among the "worst positioned in IT hardware following "calamitous" tariffs announced by the Trump administration, Morgan Stanley said Thursday in a note. The tech giants "all rely on extensive international manufacturing, with the large majority of finished goods sold into the US assembled" in Southeast Asia, Morgan Stanley said. Apple shares were down 8.5%, while those of Dell and HP were down 14.6% and 12.8%, respectively, around midday.

Stellantis (STLA) said Thursday it will temporarily lay off 900 workers at five US facilities following President Trump's announcement of widespread tariffs late Wednesday, according to media reports. The automaker is also temporarily pausing production at assembly plants in Mexico and Canada, the reports said. Stellantis shares were down 7.9%.

Nike (NKE) shares were down on Thursday following President Trump's late-Wednesday tariff announcement. Trump said he will impose tariffs of 46%, 49%, 37% and 32% on Vietnam, Cambodia, Bangladesh and Indonesia, respectively. The president also said he would levy a 54% tariff on China. Nike sources a large portion of its products from these countries, and the tariffs are expected to raise supply chain costs. Nike shares were down 10.5%.

RH's (RH) recent earnings troubles will likely be exacerbated by the recently announced Trump tariffs, Wedbush Securities analysts said in a note. The tariffs will hit most of the countries from which RH sources its products, and there is potential for "demand destruction" from weaker consumer spending in the US, they said. The company missed its Q4 sales expectations, while its Q1 and full-year 2025 outlooks are "disappointing," the analysts said. RH shares were down 40.5%.

Meta Platforms (META) is lobbying the White House for a deal to help it avoid facing an antitrust trial scheduled to begin April 14, The Wall Street Journal reported late Wednesday, citing people familiar with the matter. Meta officials and lawyers have met with Trump and his senior advisers before the Federal Trade Commission trial that could force the company to shed WhatsApp and Instagram, according to the report. Meta shares were down 6.5%.

Hershey (HSY) is closing in on a deal worth around $750 million for the popcorn brand LesserEvil, The Wall Street Journal reported Thursday, citing people familiar with the matter. Hershey shares were down 0.1%.

Price: 57.65, Change: -7.31, Percent Change: -11.26