Stocks are plunging midday, as Wall Street reacts to President Trump’s sweeping tariff policy. The White House unveiled a baseline 10% tariff on all countries effective April 5, with higher, country-specific duties rolling out April 9.
The harsher-than-expected levies triggered a broad premarket selloff. The S&P 500 Index (SPX) is back in correction territory, and the Dow Jones Industrial Average (DJI) is more than 1,400 points lower -- pacing for its worst single-session drop since September 2022 as the Nasdaq Composite (IXIC) also sinks.
Wayfair Inc (NYSE: W) stock is seeing unusual options activity, with over 17,000 puts traded so far today -- 6 times the average intraday volume. The most active contract is the September 20 put, where positions are being opened. This surge in activity follows a 12% drop in the shares, amid heightened U.S. tariffs on goods from Cambodia, Vietnam, Thailand, and the Philippines. CEO Niraj Shah previously noted these countries are key sourcing hubs. W is now down 58.6% year over year and is trading at its lowest level since March 2020, last seen down 23% to trade at $25.98.
Lamb Weston Holdings inc (NYSE: LW) stock is one of the top performers on the New York Stock Exchange (NYSE) today, last seen up 10.5% at $59.83. The potato product giant topped fiscal third-quarter expectations, reporting adjusted earnings of $1.10 per share on $1.52 billion in revenue. LW is on track for a third-straight gain and added 17.2% in the last month, but remains 12.5% lower this year.
RH (NYSE: RH) is the worst performing stock on the NYSE, last seen down 40.5% at $148.50, after the luxury home retailer’s fiscal fourth-quarter earnings and guidance fell short of estimates. The company reported earnings of $1.58 per share on $812 million in revenue, with CEO Gary Friedman calling the current housing market the worst since in almost 50 years. Now down 62.8% since the start of 2025, RH is trading at its lowest level since May 2020.
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