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Trump’s sweeping tariffs have sent tech stocks tumbling.

Shares of surprise tariff avoiders like pharmaceuticals and drinks firms and rate-sensitive stocks such as real estate were among the few to post gains in Europe on Thursday, as fears of a global recession sent wider markets tumbling. The broad STOXX 600 dropped to its lowest in two months and was last down 1.2%, but U.S. index futures fell more, around 3%, as President Donald Trump’s drastic trade tariffs sent investors out of stocks into the safety of bonds and gold. Among the gloom in the stocks world, surprise bright spots appeared, particularly in those sectors where investors had been bracing for high tariffs, but did not see their worst fears materialise.

(Bloomberg) -- President Donald Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs.Most Read from BloombergMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLondon Clears Final Hurdle for More High-Speed Trains to EuropeLocal Governments Vie for Fired Federal WorkersChicago School District Agrees to Minimum 16% Teacher Pay RaiseUS equity index futures tumbled more th

Global stocks are slumping Thursday after President Donald Trump imposed sweeping reciprocal tariffs on U.S. trading partners that were worse that investors expected and raised fears of a growing trade war.

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Recursion Pharmaceuticals—a relatively small company backed by the chip giant Nvidia—is betting that its massive supercomputer will give it the edge to dominate the sector.

China's yuan dropped to its lowest level in seven weeks and stock markets slumped on Thursday after U.S. President Donald Trump unveiled a sweeping set of reciprocal tariffs that were particularly heavy on China and its main trading partners. While investors had been bracing for these tariffs over the past week, Washington's latest punitive measures turned out to be more aggressive than expected. Countries in China's supply chain were hardest hit, with Vietnam, Cambodia and Laos facing tariffs between 46% and 49% respectively.