Global stock markets plummeted Thursday as U.S. President Trump's comprehensive tariff plan kicked off a trade war that had a wide impact on the global economy, Golden Finance reported. Public fears about rising prices and slowing economic growth may or may even be likely to cause the U.S. stock index to plummet, recording its worst single-day performance since at least September 2022. Apparel and retail companies led the decline, with Williams-Sonoma, Ralph Lauren and Deckers Outdoor all down more than 17%. Technology and technology retail stocks such as HP, Best Buy and Garmin all fell at least 15%. Magnificent 7 stocks, which led the market higher in the past two years, also generally lowered, with both Apple and Amazon falling more than 8%. More than 400 stocks in the S&P 500 index fell.