According to the Wall Street Journal, 3.1 billion dollars in value were wiped out on the New York stock exchanges in just one day, equivalent to around 30,000 billion kronor.
The so-called "magnificent seven" companies accounted for a large share of this, together losing over 1 billion dollars, reports CNBC.
iPhone manufacturer Apple fell 9.3 percent, Facebook owner Meta 9 percent, Google owner Alphabet 4 percent, e-commerce giant Amazon 9 percent, software company Microsoft 2.4 percent, semiconductor company Nvidia 7.8 percent, and electric car manufacturer Tesla fell 5.5 percent.
Total, the tech-heavy Nasdaq index lost 6 percent and the broader S&P 500 lost 4.8 percent.
The market is worried that Donald Trump's tariff policy will trigger a trade war.
