U.S. markets tumbled Thursday, March 22, amid news President Donald Trump will impose $50 billion in tariffs on U.S. imports from China.
A White House official said the $50 billion figure is designed to "offset the gains that the Chinese have received through unfair practices."
"Today once it was on the White House agenda, I think the market started to adjust to the possibility that we could have some kind of trade problem," Lou Brien, market strategist at DRW Trading Group, said. "I think that's why we chose today, even though that idea has been hanging out there for a while."
Additionally, Brien said Facebook Inc. continues to weigh on the technology sector, and is a "factor in why the market has been weak today."
The Dow Jones Industrial Average declined 2.93% to 23,957.89, the S&P 500 slid 2.52% to 2,643.69 and the Nasdaq Composite Index decreased 2.43% to 7,166.68. As of 5:30 p.m. ET, the SNL U.S. Bank index fell 3.92% to 613.29 and the SNL U.S. Thrift index fell 2.51% to 951.55.
The day's losses also come a day after the Federal Open Market Committee announced its first rate hike of the year — increasing its benchmark rate to a range of 1.5% to 1.75%.
Bank of America Corp. lost 4.14% to $30.55, Citigroup Inc. shrank 4.11% to $70.31, JPMorgan Chase & Co. fell 4.17% to $109.95 and Wells Fargo & Co. declined 4.12% to $52.53.
Among notable movers, Pinnacle Financial Partners Inc. dropped 6.74% to $63.65, Bank of the Ozarks retreated 6.79% to $47.35, SVB Financial Group lost 5.42% to $250.67 and Citizens Holding Co. fell 3.11% to $21.80.
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Market prices and index values are current as of the time of publication and are subject to change.