US stock market slumped on Thursday, with the Wall Street benchmark indices ending with the largest single-day percentage losses since 2020, after US President Donald Trump’s sweeping trade tariffs stoked fears of an all-out trade war and fears of a global economic recession.

The Dow Jones Industrial Average crashed 1,679.39 points, or 3.98%, to 40,545.93, while the S&P 500 sank 274.45 points, or 4.84%, to 5,396.52. The Nasdaq Composite closed 1,050.44 points, or 5.97%, lower at 16,550.61.

The Nasdaq Composite Index saw its biggest daily fall since March 2020, while the S&P 500 and Dow Jones Industrial Average posted their biggest daily percentage declines since June 2020. S&P 500 companies erased a combined $2.4 trillion in market value.

MSCI’s gauge of stocks across the globe fell 28.47 points, or 3.41%, to 807.64, setting for its biggest daily percentage fall since June 2022.

Trump’s proposed 10% tariff on most US imports, along with significantly higher reciprocal tariffs on dozens of other countries, unsettled investors. Concerns over a potential full-scale trade conflict, which could lead to a sharp global economic slowdown and heightened inflationary pressures, further weighed on market sentiment.

Nvidia stock price slumped 7.8%, Amazon.com shares dropped 9%, while Microsoft stock declined 2.4%, and Advanced Micro Devices shares cracked 8.90%.

Tesla stock price slumped 5.47%, and Ford Motors shares plummeted 6.01%.

Meanwhile, the yield on the benchmark U.S. 10-year Treasury note dropped 14.6 basis points to 4.049% after briefly touching 4.004%, its lowest level since November 25. The note’s yield was on track for its largest single-day decline since August 2.

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