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U.S. markets plunged on Thursday, erasing $2 trillion in value, as billionaire entrepreneur Mark Cuban warned consumers to stock up on everyday items before retailers use new tariffs to justify widespread price increases. The S&P 500 fell 4.93%, with technology giants like Apple and Amazon experiencing particularly steep declines.

The market experienced a severe downturn as the S&P 500, Nasdaq, and Dow Jones all registered significant losses amid mounting fears of retaliatory trade actions. In addition, several high-profile stocks, including RH, Five Below, Sangamo Therapeutics, Bank of America, and Tesla, saw substantial declines driven by disappointing earnings and broader economic concerns.

Goldman Sachs analyst Brooke Roach detailed how the newly implemented U.S. reciprocal tariffs are set to affect retail companies by increasing costs for goods sourced from key international markets. The analysis breaks down tariff hikes on major countries like China, Vietnam, Indonesia, Bangladesh, Cambodia, and India, while also outlining which sectors and companies might be better shielded from the financial pressure.

Sangamo Therapeutics and Eli Lilly have entered into a licensing agreement granting Eli Lilly exclusive global rights to leverage Sangamo's novel STAC-BBB capsid for the development of gene therapies targeting neurological diseases. This collaboration marks a significant milestone for Sangamo, with the potential to unlock substantial financial rewards and advance the development of innovative treatments for patients with unmet medical needs.

President Trump's new tariffs on technology equipment could significantly impact billion-dollar AI infrastructure projects, potentially delaying or even canceling large-scale initiatives. The tariffs have also caused a dramatic sell-off in global markets, wiping out trillions of dollars in market value.