Wall Street turmoil: These 25 stocks plunged hardest amid Trump tariffs and sector shocks

What triggered the April 15 selloff across US stock markets?

On April 15, 2025, Wall Street registered a broad-based decline, driven by growing investor anxiety over escalating trade policy risks and mounting economic uncertainty. While the Dow Jones Industrial Average slipped by 0.4%, the S&P 500 dipped 0.2%, and the Nasdaq Composite ended nearly flat, the losses were more sharply felt in high-growth and policy-sensitive sectors such as technology, electric vehicles, healthcare, and retail.

The downturn followed President Donald Trump’s recent escalation of protectionist measures, including the launch of Section 232 investigations into pharmaceutical and semiconductor imports. This revived fears of a protracted trade war and raised concerns about potential supply chain disruptions, retaliatory tariffs, and increased operating costs for US and foreign companies operating in key industrial sectors.

Which stocks were the top losers and why?

The day’s steepest losses were recorded among companies particularly exposed to trade policy shifts, commodity price fluctuations, and consumer demand pressures. At the top of the list was Allegro MicroSystems, whose shares dropped 9.68% to close at $19.88. The decline reflected mounting concerns over chipmaker exposure to tariff-related headwinds and weakening demand across automotive and industrial segments. Despite a robust Q4 showing earlier this year, Allegro is now down over 18% year-to-date.

MP Materials, which produces rare earth elements essential for EVs and defense applications, fell 9.13% to $25.07. While the stock remains up more than 68% over the trailing 12 months, investor sentiment turned sharply negative over fears that its strategic minerals business could face international trade retaliation or domestic regulatory bottlenecks.

ZEEKR Intelligent Technology, an electric vehicle brand backed by Geely, declined 8.84% to $19.49, underscoring the vulnerability of Chinese EV stocks to policy risk and softening investor appetite for growth-focused auto names. US-listed Chinese stocks have been under pressure from both domestic regulatory uncertainties and geopolitical crossfire, particularly in the context of renewed US-China tariff tensions.

Albertsons Companies, one of the largest US grocery chains, dropped 7.56% to $19.94. The loss followed speculation around thinning margins and increased union activity, though no specific earnings guidance triggered the decline. The grocery retail sector has been struggling with inflationary input costs and shifting consumer preferences, compounding investor anxiety around the company’s long-term margin resilience.

First Advantage Corporation, a provider of background screening and HR services, fell 6.93% to $13.97, weighed down by softening labor market indicators and a potential slowdown in corporate hiring plans. Weak forward signals from large employers could weigh on staffing and onboarding service providers in the coming quarters.

Other notable decliners included Riot Platforms and CleanSpark, down 6.56% and 6.43% respectively, as both crypto-linked firms tracked the broader decline in Bitcoin and faced renewed scrutiny over environmental compliance. BRP Inc., Acadia Healthcare, Viking Therapeutics, XPeng, Kingsoft Cloud, and Mobileye all fell more than 5%, reflecting pressure in their respective industries from consumer spending fatigue, margin compression, or policy uncertainty.

How are policy shifts driving investor uncertainty?

President Trump’s newly announced Section 232 investigations into pharmaceutical and semiconductor imports were the primary catalyst for Monday’s selloff. These probes, which fall under a provision of the Trade Expansion Act of 1962, enable the president to impose import restrictions if national security is deemed to be at risk. The announcement rattled markets already grappling with the fallout of earlier tariff hikes under the administration’s “Liberation Day” trade policy revamp.

Technology and biotech companies, in particular, are sensitive to trade barriers due to their reliance on global supply chains for components and raw materials. The fear of new duties on semiconductors—already under pressure from supply-demand mismatches—raised red flags for chipmakers, cloud infrastructure firms, and electric vehicle manufacturers.

Biopharmaceutical companies, meanwhile, are concerned about the knock-on effects of pharmaceutical trade restrictions, particularly those reliant on international contract manufacturing organizations (CMOs) and clinical trial networks. Firms like Vaxcyte, Summit Therapeutics, and Elanco Animal Health, all of which dropped between 4.5% and 5.8% on April 15, are emblematic of how sentiment toward speculative biotech names has shifted amid rising interest rates, tighter capital markets, and regulatory uncertainty.

Are there broader economic risks behind the equity market decline?

While trade policy is a front-and-center concern, broader economic signals have also started flashing yellow. The Federal Reserve has taken a more cautious tone in recent weeks, with several officials suggesting that the economic fallout from tariffs could depress growth, even if near-term inflation pressures are muted. This comes at a time when consumer sentiment has begun to soften, manufacturing activity shows signs of stagnation, and debt-laden corporate balance sheets are becoming harder to refinance.

Consumer discretionary and retail stocks, such as Boot Barn, Harley-Davidson, and LVMH Moët Hennessy Louis Vuitton, all saw notable declines on April 15. These names are especially vulnerable to a slowdown in consumer spending, particularly at the high end, as luxury purchases and lifestyle brands face crosswinds from high interest rates, reduced household liquidity, and international travel restrictions in key markets.

Even industrials and specialty chemicals were not spared. Albemarle Corporation, a lithium major, fell 5.89% amid falling battery metal prices and slowing EV adoption rates. Huntsman Corporation, a leading chemical manufacturer, dropped 4.52%, pressured by weak demand from construction and manufacturing end markets.

How are investors adjusting their portfolios in response?

The selloff on April 15 highlights a clear risk-off rotation in market positioning. Investors are reducing exposure to speculative growth names, particularly those dependent on external financing, global supply chains, or regulatory goodwill. Instead, capital is moving towards defensive sectors, cash-rich balance sheets, and dividend-paying blue-chip names.

Market strategists noted that while some of the stocks on April 15’s loser list had previously enjoyed strong rallies—such as Summit Therapeutics, which remains up over 600% year-to-date—many are now subject to mean reversion as market participants demand more durable earnings visibility.

At the same time, institutional investors are closely monitoring quarterly earnings, with upcoming results expected to provide critical insight into how companies are managing margin pressures, inventory buildups, and capital allocation in the face of macroeconomic headwinds.

What’s the outlook for the coming weeks?

The outlook for US equities remains clouded by policy uncertainty, geopolitical friction, and domestic political volatility. While inflation has moderated, the direction of interest rates, trade policy enforcement, and economic growth projections remains far from settled.

For sectors like semiconductors, electric vehicles, cloud infrastructure, and specialty healthcare, clarity on tariff boundaries and regulatory obligations will be crucial in restoring investor confidence. In the meantime, high volatility and sector-specific corrections are expected to continue as the market digests both corporate earnings and macroeconomic policy shifts.