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(Bloomberg) -- The revival in small caps expected from Donald Trump’s America First agenda instead turned into a rout for shares in companies whose fortunes are most closely tied to the US economy.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLocal Governments Vie for Fired Federal WorkersLondon Clears Final Hurdle for More High-Speed Trains to EuropeWhat Would ‘Transportation Abundance’ Look

Stocks of the biggest banks and private-equity firms plunged Thursday as concerns mounted about how Wall Street giants and their customers might be affected by heightened odds of a US recession.

Contemporary clothing brand Guess (NYSE:GES) reported Q4 CY2024 results topping the market’s revenue expectations, with sales up 4.6% year on year to $932.3 million. Guidance for next quarter’s revenue was better than expected at $631.3 million at the midpoint, 0.8% above analysts’ estimates. Its non-GAAP profit of $1.48 per share was 7.6% above analysts’ consensus estimates.

US stocks plunged after President Trump announced a baseline 10% tariff on all US trading partners, sending shockwaves through markets and the global trade order.

Shares of parcel delivery company UPS (NYSE:UPS) fell 8.7% in the afternoon session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%. From clothing brands and electronics makers to the e-commerce sites that move their goods, companies built on global supply chains took the biggest hit. Stocks with heavy exposure to Asia were especially hard-hit, as the new tariffs threatened the growth and profits of firms with factories in the region. Vietnam,

Shares of outerwear manufacturer Columbia Sportswear (NASDAQ:COLM) fell 13% in the afternoon session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.

Analog chipmakers Texas Instruments and Analog Devices could outperform other semiconductor stocks during an economic downturn, Citi analysts said Thursday.