The expectation that the Trump administration will cut deals with trade partners to reduce or eliminate the tariffs announced on Wednesday appeared to be investors' last, best hope for the U.S.

Discount retailers also emerged as a way to play the big tariff selloff of 2025, as the Dow Jones Industrial Average DJIA cratered by about 4.15% or 1,675.45 points. The S&P 500 SPX retreated by 4.8% ...