By Francesca Fontana

The Score is a weekly review of the biggest stock moves and the news that drove them.

Nike

President Trump's so-called "Liberation Day" tariff announcements wreaked havoc on the stock market.

At Wednesday's Rose Garden event, Trump announced a 10% across-the-board tariff, as well as a slate of reciprocal tariffs against Europe and certain nations such as Japan, South Korea and Vietnam.

The next day, the major stock indexes logged their worst day since 2020. The U.S. market lost about $3.1 trillion in market value, according to Dow Jones Market Data, while dozens of household-name stocks posted double-digit declines, including Nike.

Nike shares dropped 14% Thursday, after Trump announced reciprocal tariffs of 46% on Vietnam, 32% on Indonesia and 34% on China. Suppliers in Vietnam, Indonesia and China manufacture 95% of the sportswear company's manufactured goods.

Like most U.S. footwear brands, Nike has long relied on Asia factories to produce its products. Nike had shifted away from China as its main manufacturing partner to countries like Vietnam and Indonesia.

Many retailers have been warning investors that tariffs could result in higher prices and slower demand. On Thursday, Target shares declined 11%, and Best Buy sank 18%.

Toy makers Mattel and Hasbro had scaled back their reliance on China, only for the new batch of tariffs to aim at the other countries from which they source their toys. Mattel shares plummeted 17%, and Hasbro shares tumbled 12%.

Citigroup

Banks don't pay tariffs, but their stocks still took a tumble on the intensifying trade war.

The big threat to the banks is that this trade war will cause a recession, leading to lower revenues, less dealmaking, and downward pressure on long-term interest rates.

Shares of JPMorgan Chase, Bank of America, Morgan Stanley and Goldman Sachs sold off on Thursday -- a reversal for banks that scored bumper profits in recent years. The KBW Nasdaq Bank index had its worst one-day drop since March 2023, in the aftermath of the collapse of Silicon Valley Bank.

Citigroup shares dropped 12% Thursday, the stock's biggest slump since 2020.

Stellantis

The maker of Jeep, Chrysler and Dodge vehicles issued a swift reaction to Trump's tariffs.

Stellantis on Thursday said it was temporarily halting production at auto-assembly factories in Mexico and Canada, the day after the Trump administration's new levies on vehicle imports went into effect.

The closure in Windsor, Ontario, affects over 3,000 employees, an immediate ramification of Trump's new policies on the Canadian economy. On Thursday, Prime Minister Mark Carney said Canada will match President Trump's auto tariffs with 25% tariffs of its own on U.S. vehicles that aren't compliant with the U.S.-Mexico-Canada trade pact.

Stellantis shares lost 9.4% Thursday.

Apple

Tech stocks got pummeled Thursday, showing the sector's vulnerability to higher prices and a possible recession.

The six tech companies with trillion-dollar market capitalizations -- Apple, Nvidia, Microsoft, Amazon.com, Alphabet and Meta Platforms -- lost a combined $985 billion in stock market value on Thursday.

Some tech companies like Apple and Amazon would be hit by steep cost increases because they rely on international supply chains, while Meta could see a big hit to its advertising business as companies pull back on spending.

Apple was the biggest loser of the six tech giants, with shares down 9.2%, and lost $311 billion in market value on Thursday.

Coca-Cola

What survived Thursday's selloff? Coca-Cola, french fries, and cigarettes.

In the aftermath of Trump's tariff announcement, french-fry maker Lamb Weston led the S&P 500. The stock rose 10% after announcing better-than-expected quarterly sales and profits.

Other consumer-staples stocks notched daily gains, including Coca-Cola, Kraft Heinz and Colgate-Palmolive. So did tobacco companies Altria and Philip Morris International.

Consumer staples was the only one of 11 industry sectors in the S&P 500 to finish higher on Thursday. Investors also piled into healthcare and utilities, popular havens when other stocks are falling.

Coca-Cola shares gained 2.6% Thursday.

United Airlines

Travel stocks faced a turbulent trading session Thursday.

U.S. demand is expected to get shakier as rising fears of a recession could tighten Americans' purse strings. Tariffs could also put a dent in business travel, analysts said.

United Airlines shares fell 16% Thursday, while Delta Air Lines lost 11% and American Airlines declined 10%.

Cruise-line and hotel stocks also declined. Carnival fell 14%, while Norwegian Cruise Line ended 16% lower. Shares of hotel chain Marriott International fell 7.4% and Hyatt dropped 7.6%.

Glencore

Fears of a global recession hit mining companies around the world.

On Friday, China -- a huge source of demand for commodities -- said it would hit all U.S. goods with a new 34% retaliatory tariff. The growing trade war between the U.S. and other countries has stoked worries of an economic slowdown weighing on demand for raw materials.

Imported steel and aluminum already subject to a 25% tariff were excluded from the new tariffs President Trump announced Wednesday, a measure of relief for metal buyers that would have faced significantly higher prices.

American depositary shares of Glencore -- one of the world's largest producers of copper -- dropped 12% Friday.

Our weekly markets news roundup is now part of the WSJ's What's News podcast. Host Francesca Fontana discusses the biggest stock moves of the week and the news that drove them. Check out What's News in Markets at wsj.com/podcasts or wherever you listen.

Write to Francesca Fontana at francesca.fontana@wsj.com.

(END) Dow Jones Newswires

April 04, 2025 16:48 ET (20:48 GMT)

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