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Shares of U.S. banks were sharply lower on Thursday as Wall Street reacted to President Donald Trump’s announcement of sweeping tariffs that economists warn could stunt economic growth and reignite inflation.

The equal-weight S&P 500 tumbled Thursday, putting the index on track to close in a correction as U.S. stocks reeled from President Trump's announcement of far-reaching tariffs.

Shares of athletic apparel brand Nike (NYSE:NKE) fell 15% in the pre-market session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.

U.S. companies had trillions of dollars in value wiped out Thursday after President Donald Trump slapped sweeping tariffs on foreign imports. Virtually every sector suffered big losses as U.S. financial markets closed with their biggest one-day drop since COVID-19 flattened the global economy five years ago. Banks, retailers, clothing, airlines and technology companies were among the hardest hit, with consumers expected to cut spending if tariffs lead to higher prices for goods and services.

Shares of iPhone and iPad maker Apple (NASDAQ:AAPL) fell 9.1% in the morning session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.

Shares of footwear company Skechers (NYSE:SKX) fell 21.3% in the morning session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.

A number of stocks fell in the after-market session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.