Stocks fell Thursday, giving back some of the historic rally seen in the previous session after President Donald Trump announced a 90-day reprieve on some of his “reciprocal” tariffs. Investors worried that even with the short reprieve on some of the duties, economic activity will be slowed by Trump’s singling out of China with higher rates.

The Dow Jones Industrial Average
dropped 1,077 points, or 2.7%. The S&amp;P 500
 shed 3.2%, while the Nasdaq Composite
 slid 3.8%.

Leading the declines were Apple
 and Tesla
, which pulled back more than 2% and 5%, respectively. Nvidia
 lost 3.6%, while Meta Platforms
 slipped 3.8%.

The White House confirmed to CNBC on Thursday that the cumulative tariff rate on China would actually total 145%. This consists of the new 125% duty on goods, on top of the 20% rate levied in response to the fentanyl crisis.

Stocks fell Thursday, giving back some of the historic rally seen in the previous session after President Donald Trump announced a 90-day reprieve on some of his “reciprocal” tariffs. Investors worried that even with the short reprieve on some of the duties, economic activity will be slowed by Trump’s singling out of China with higher rates.

The Dow Jones Industrial Average
dropped 1,077 points, or 2.7%. The S&P 500
 shed 3.2%, while the Nasdaq Composite
 slid 3.8%.

Leading the declines were Apple
 and Tesla
, which pulled back more than 2% and 5%, respectively. Nvidia
 lost 3.6%, while Meta Platforms
 slipped 3.8%.

The White House confirmed to CNBC on Thursday that the cumulative tariff rate on China would actually total 145%. This consists of the new 125% duty on goods, on top of the 20% rate levied in response to the fentanyl crisis.