Tech Stocks And Broader Markets Extend Selloff Amid Trump Tariff Uncertainty

Stocks continued to decline Thursday amid Wall Street uncertainty around tariffs that were imposed on Canada and Mexico this week by President Donald Trump and later suspended.

The Dow Jones Industrial Average fell about 1%, or about 430 points, while the tech-heavy Nasdaq dropped 2.6% to finish in correction territory, where it had been earlier in the week. A correction is defined as an index dropped more than 10% below its closing high. Gains by tech shares have been a significant engine of growth for the overall market in recent years.

Netflix, which has trader near all-time highs in recent weeks after a banner earnings report in January, declined 8.5% to $906.36, while Amazon and Meta Platforms both were off 4% and Roku dipped 6%. A number of large media companies also saw a downturn, with Disney down 3.55% to $105.43 and Warner Bros. Discovery surrendering 6% to $10.70.

Shares of local TV station owners and major broadband providers Comcast and Charter were among the only gainers in media. Paramount Global stock also ticked up 2%.

The implementation of tariffs on Tuesday discouraged many economists and investors, but the markets have been even more unsettled by the whipsawing of policy throughout the week.

After deciding on Wednesday to exempt automakers from the tariffs, lest the initiative send vehicle prices soaring, the White House then expanded the relief to other industries. Tariffs on consumer goods will be paused until April 2, administration officials announced, but conflict nevertheless continued between longtime North American allies. Treasury Secretary Scott Bessent called Canadian Prime Minister Justin Trudeau a “numbskull” and said his approach to trade negotiations would lead to higher tariffs on Canadian imports.

“If you want to be a numbskull like Justin Trudeau and say, ‘Oh we’re going to do this,’ then tariffs are going to go up.” Bessent said at an Economic Club of New York event. “If you want to sit back and have a discussion with the Commerce Department, USTR – they have my phone number too – then I am happy to have a discussion with our foreign counterparts.”