Today's global markets: Trump's tariffs fuel recession concerns as the US stock market plummets and the S&P 500 loses $2.4 trillion.

After US President Donald Trump's massive trade tariffs fueled worries of a full-scale trade war and a worldwide economic collapse, the US stock market plummeted on Thursday, with the Wall Street benchmark indices closing with the biggest single-day percentage losses since 2020.

The S&P 500 fell 274.45 points, or 4.84%, to 5,396.52, while the Dow Jones Industrial Average plummeted 1,679.39 points, or 3.98%, to 40,545.93. At 16,550.61, the Nasdaq Composite ended the day 1,050.44 points, or 5.97%, lower.

The S&P 500 and Dow Jones Industrial Average saw their largest daily percentage declines since June 2020, while the Nasdaq Composite Index experienced its largest daily decline since March 2020. The overall market value of S&P 500 firms was erased by $2.4 trillion.

MSCI's global stock index experienced its largest daily percentage decline since June 2022, dropping 28.47 points, or 3.41%, to 807.64.

Investors were alarmed by Trump's planned 10% tariff on the majority of US imports as well as far larger retaliatory duties on dozens of other nations. Market sentiment was also affected by worries about a possible full-scale trade war, which may cause a severe downturn in the world economy and increase inflationary pressures. An overall 54% duty on China, the location of majority of the iPhone maker's manufacture, caused the share price of Apple to plummet 9.2%, its worst one-day performance in five years.

Shares of Amazon.com fell 9%, Nvidia's stock fell 7.8%, Microsoft's stock fell 2.4%, and Advanced Micro Devices' stock fell 8.90%.

Ford Motors' stock fell 6.01%, while Tesla's stock fell 5.47%.