Thursday’s session in the S&P 500 index futures turned into a freefall as markets grappled with US tariffs and looming trade wars. 

Resistance clung to Wednesday’s after-hours low of 5566.25 overnight and into early morning, and the regular session kicked off in the 5510 area. Buy-the-dippers swooped in early, lifting the index further from the premarket low, though the spark fizzled fast.

Bears roared back, smashing through that low and plunging into the 5400 handle. Short sellers covering and stubborn buyers sparked a hefty rebound from 5455 to around 5525 over lunch. But from there, the decline resumed throughout the afternoon. 

Finishing with sellers in command, the session closed near the day’s low at 5432.75, cratering 279.50 handles, the steepest single-day drop in about five years. For additional context, this level was last seen in August 2024. After hours, the bleed continued to a new low of 5415.25. Now, market participants look to March’s US employment report, set to be released at 8:30 AM ET Friday morning, plus Fed Chair Jerome Powell’s remarks at 11:25 AM ET to finish out the week.

Among the index’s top components, no one escaped the red, leaving Berkshire Hathaway Inc Class B (NYSE: BRK.B) as the smallest loser. The holding company slipped $7.56, or 1.41%, to close at $530.16, cushioned by hefty T-Bill holdings. 

That held up over three percent better than the cash index’s 4.93% rout.

Firms with slow-to-move, overseas supply chains got hammered hardest, with Broadcom Inc (NASDAQ: AVGO) taking the biggest dive among top components. The chip designer tanked $18.08, or 10.51%, closing at $154.01, reeling from tariff fallout.