Markets tumbled Thursday following President Trump’s announcement of a general 10-percent tariff on imports to the U.S. along with additional targeted tariffs on dozens of U.S. trading partners.
Some companies are winning big off the tariff news while others took serious hits.
Winners: Consumer staples, discounts, health care and tobacco
Winners tended to be concentrated in consumer staples.
Potato processor Lamb Weston Holdings gained more than 10 percent in its stock value, as of 3 p.m. EDT.
Stock for discount retailer Dollar General was up almost 5 percent.
Grocery store chain Kroger was up more than 4.5 percent.
Elevance Health, Centene Corp. and Molina Healthcare — three insurance companies — also posted solid gains, with stock rising at least 5 percent as of 3:30 p.m.
Losers: Clothing, tech, leisure and luxury goods
Electronics companies were among the biggest losers. The losses occurred throughout the electronics production pipeline, with chipmakers, computer makers and electronics retailers all facing losses.
Equity shares for Dell Technologies were down more than 18 percent Thursday afternoon. Western Digital Corp. was down more than 17 percent, and Microchip Technology was down more than 16 percent. Best Buy was down more than 17 percent.
IPC, an electronics trade group, issued a statement Wednesday saying that tariffs would not help to achieve the Trump administration’s objective of strengthening U.S. manufacturing.
“Tariffs will not achieve this goal,” Richard Cappetto, IPC director of North American government affairs, said in a statement.
He said that tariffs will “further [drive] production offshore.”
Trump has argued that his tariffs will do just the opposite.
“Jobs and factories will come roaring back into our country,” Trump said Wednesday during his tariff announcement.
Nike was another of the day's biggest losers, falling 14 percent. American Express, Apple, Walt Disney Co. and Goldman Sachs also fell by more 9 percent each.
Other big losers Thursday included Williams Sonoma, Norwegian Cruise Lines, and the Ralph Lauren clothing company.
