US benchmark equity indexes and Treasury yields plummeted Thursday, with the Dow Jones Industrial Average losing nearly 1,700 points, as President Donald Trump's latest wave of tariffs raised global trade tensions.

The Dow slid 4% to 40,545.9, while the Nasdaq Composite sank 6% to 16,550.6. The S&P 500 shed 4.8% to 5,396.5. Barring consumer staples, all sectors posted losses, led by energy, technology and consumer discretionary.

Nike (NKE) shares tanked 14%, the steepest decline on the Dow, with Apple (AAPL) and Amazon.com (AMZN) also among the worst index performers, down 9.3% and 9%, respectively. Other mega-cap tech stocks Tesla (TSLA), Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOG, GOOGL), and Meta Platforms (META) closed lower.

Apple produces all of its iPhones in China, while Nvidia and other chip players with significant exposure to China and Taiwan supply chains will be worried about pricing and margin impacts, according to Wedbush Securities.

The Trump administration's new reciprocal tariffs are likely to impact Best Buy (BBY) the most among hardline retailers, followed by certain home-furnishing companies, Wedbush Securities said. Best Buy shares plunged 18%, among the worst performers on the S&P 500.

Late Wednesday, Trump announced duties on imports from several countries, including China and Japan. A 10% base tariff rate takes effect for all nations Saturday, though there will be additional duties that vary by country.

The latest tariffs are likely to impact global economic growth and inflation, possibly complicating monetary policy around the world, according to analysts. The move has ignited "fears that a broadening trade war will unleash a recession," D.A. Davidson said in a note.

US Treasury yields fell sharply, with the two-year rate sliding 20 basis points to 3.70% and the 10-year rate losing 15.3 basis points to 4.04%.

In other company news, Lamb Weston (LW) posted better-than-expected fiscal third-quarter results as volume gains helped offset lower prices, while the company reiterated its full-year outlook. The frozen potato product supplier's shares jumped 10%, the top gainer on the S&P 500.

West Texas Intermediate crude oil sank 7% to $66.68 a barrel Thursday. Eight members of the Organization of the Petroleum Exporting Countries and its allies will increase production in May faster than expected in a move that was described by UBS as "a negative surprise."

The Federal Reserve doesn't "need to be in a hurry" to adjust its benchmark lending rate as the current policy positions policymakers well to deal with risks and uncertainties, Vice Chair Philip Jefferson said.

In other economic news, two surveys regarding the US services sector yielded mixed results, as the Institute for Supply Management's data showed the expansion losing steam more than projected, while S&P Global (SPGI) indicated accelerating growth.

Weekly applications for unemployment insurance in the US dropped, while continuing claims rose more than projected to hit the highest in more than three years, government data showed.

US job cuts soared 60% month on month in March to 275,240, the third-highest monthly total on record, Challenger Gray & Christmas said.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 140,000 nonfarm jobs last month, which would mark a drop from a 151,000 gain posted for February, according to a Bloomberg-compiled survey.

Gold declined 1.2% to $3,128.70 per troy ounce, while silver tumbled 8% to $31.86 per ounce.