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Retailers are already facing a cautious consumer.

Newsmax stock price crashed 77% on Wednesday after a wild post-IPO rally. Its low share float heightens the stock's volatility.

U.S. markets on Wednesday were determined to put on a brave face ahead of U.S. President Donald Trump's announcement of sweeping tariffs that will escalate a global trade war and threaten to upend the entire international trading system. Buoyed by hope or expectation that the tariffs wouldn't be as draconian as feared, U.S. indices closed in the green. The deeper analysis of the tariff fallout - lower growth and higher inflation - will be for tomorrow and beyond.

"It's our declaration of independence," Trump said at an event in the White House Rose Garden. "We will establish a minimum baseline tariff of 10%." Rates for China would be set at 34%, while the European Union and Japan would face 20% and 24%, respectively.

US stocks rebounded ahead of President Trump's tariff announcements, but stock futures fell after Trump surprised markets with larger than expected levies.

Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) jumped 5.6% in the afternoon session after Politico reported that Elon Musk may soon step down from his position at the Department of Government Efficiency, indicating a renewed focus on his business ventures, especially Tesla.

Elon Musk's past 24 hours have shown troubling signs for his political and personal fortunes.