Stock futures slipped on Thursday, with the Dow Jones dropping more than 1,000 points, as investors reacted to President Donald Trump's sweeping import tariffs on U.S. imports, raising concerns about a possible global trade war. The updated tariff structure sets a minimum rate of 10%, with the highest tariff reaching 49%.

Here are some of Thursday's biggest stock movers:

Biggest stock gainers

• Lamb Weston (LW) +10% - Shares surged after the company posted strong FQ3 results, beating revenue and profit expectations, with adjusted EBITDA climbing 6%. The company reaffirmed its FY2025 outlook, projecting net sales of $6.35B to $6.45B (vs. $6.34B consensus), adjusted EBITDA of $1.17B to $1.21B, and adjusted net income of $440M to $460M, with adjusted diluted EPS of $3.05 to $3.20 (vs. $3.08 consensus). CEO Smith noted that Lamb Weston remains on track to reduce capital spending by $250M this year, with an additional $200M reduction expected in FY2026, bringing total reductions to $450M vs. FY2024.
• Diageo (NYSE:DEO) +4% - Shares climbed as analysts viewed the U.S. tariff announcement as avoiding the worst-case scenario for the spirits industry. Goodbody analysts noted that no additional duties were imposed on imports from Canada and Mexico, making the outcome "less bad than feared" for Diageo. Jefferies analyst Edward Mundy highlighted that a potential 200% tariff on EU alcohol imports was averted, offering relief to European distillers.

Biggest stock losers

• Tesla (NASDAQ:TSLA) -8% - Shares plunged after reporting its worst quarterly deliveries since 2022, falling significantly short of expectations. Tesla delivered just 336K vehicles in Q1, well below the consensus estimate of 377K, as production disruptions from the Model Y refresh and potential backlash against Elon Musk’s political involvement weighed on results. Wedbush analyst Dan Ives called the numbers a "disaster" and urged Musk to refocus on Tesla rather than political controversies and his ties to Dogecoin. Meanwhile, Politico reported that U.S. President Donald Trump has told insiders that Musk will step back from his role as a governing partner in the coming weeks.
• Wayfair (NYSE:W) -14%, Nike (NYSE:NKE) -8%, American Eagle (NYSE:AEO) -5% - Shares of major retailers tumbled as the market reacted to the impending 46% tariffs on Vietnam announced by U.S. President Donald Trump. The steep tariffs, set to take effect on April 9, could significantly impact companies in the apparel, furniture, and toy industries, potentially driving up costs. Analysts warn that some corporations may pass these cost increases onto consumers through price hikes, adding to inflationary pressures in the retail sector.
• RH (NYSE:RH) -26% - Shares plunged after the luxury home furnishing company missed Q4 estimates and provided weaker-than-expected guidance for FQ1 and FY2025. RH cited multiple headwinds, including tariff uncertainty, market volatility, inflation risks, and “the worst housing market in almost 50 years.” For Q1, the company expects revenue of $817.8M to $825.1M, below the $840.4M consensus, with an adjusted operating margin of 6.5% to 7.0%. FY2025 revenue is anticipated to grow in the range of 10% to 13% Y/Y, translating to $3.499B to $3.595B, missing the consensus of $3.64B.
• Apple (AAPL) -7.6% - The biggest decliner among the Magnificent Seven stocks as President Donald Trump’s sweeping tariff measures rattled global markets. With a significant reliance on Chinese manufacturing, the iPhone maker faces increased exposure to the most aggressive U.S. trade restrictions in a century. The broader tech sector also suffered, with Amazon (AMZN) down 5.9%, Nvidia (NVDA) -5%, Meta (META) -4%, Alphabet (GOOGL) -3%, and Microsoft (MSFT) -2.3%.
• Bank of America (BAC) -9.4% – Led a broad selloff in the banking sector as the KBW Bank Index (KBWB) plunged 7% at Thursday’s open, marking its worst decline since the 2023 regional banking crisis. President Donald Trump’s sweeping tariff measures rattled global markets, fueling concerns over weaker fee income and declining consumer sentiment. Other major banks also tumbled, with Citigroup (C) down 8.7%, Morgan Stanley (MS) -9%, Goldman Sachs (GS) -7.7%, Wells Fargo (WFC) -6.7%, and JPMorgan (JPM) -6%. The KBW Regional Banking Index slid 5%.