Tariffs Spark Market Turmoil, S&P 500 Suffers Broad Losses The S&P 500 experienced a significant downturn, with all 11 sectors declining amid investor concerns over escalating trade tensions. Financial stocks were hit hardest, recording their steepest drop since 2023. Consumer staples, however, showed resilience, buoyed by gains in companies like Walgreens and Hershey.12