According to 4E monitoring, Trump's far more radical tariff plan than market expectations has triggered strong concerns among investors about the outbreak of the trade war and the economic recession. The three major U.S. stock indexes all closed sharply on Thursday, with the Nasdaq falling 5.97%, the largest single-day decline since March 2020; the S&P 500 fell 4.84%, and the Dow Jones fell 3.98%, both of which were the largest single-day decline since June 2020. Large tech stocks plummeted as tariffs hit the supply chain, Apple plummeted by more than 9%. The market value of the seven giants "Manificant 7" evaporated by about $1 trillion in one day, and the total market value fell to its lowest level since early August last year. The crypto market fell across the board. Bitcoin’s high of $88,000 before the announcement of tariffs fell below nearly $81,000. Although the decline was large, it still showed strong relative to technology stocks. All sectors in the market generally fell sharply, with the overall market value of the crypto market falling by nearly 8%. The crypto fear greed index, which recovered in March, fell back to the "extreme fear" range again. Trump's tariffs have caused financial markets to collapse, and the March non-farm employment report is about to be released tonight. The labor market is expected to remain stable until import tariffs may affect data. The market focused on Powell's speech. According to the CME FedWatch tool, traders' pessimism about the outlook for the U.S. economy has greatly increased the chance of the Federal Reserve's emergency rate cuts, with the number of rate cuts this year rising from two times a month ago to four times.