S&P 500 companies lost a combined $2.4 trillion in stock market value in Thursday's selloff, their biggest one-day loss since the pandemic sent global markets into a tailspin on March 16, 2020.

The Trump administration’s sweeping “Liberation Day” tariffs have rattled Wall Street. The S&P 500 plummeted 4.8 percent for its worst day since the pandemic crashed the market in 2020, while the Dow dropped 4 percent and Nasdaq sank 6 percent.

U.S. stock index futures sank on Thursday after President Donald Trump's sweeping tariffs against its trading partners heightened fears of an all-out trade war that could push the global economy into a recession.