04:02 PM EDT, 04/03/2025 (MT Newswires) -- US benchmark equity indexes ended sharply lower Thursday as President Donald Trump's latest wave of tariffs increased global trade tensions.

* Late Wednesday, Trump announced duties on imports from most nations, including China and Japan. A 10% base tariff rate takes effect for all countries on Saturday, according to a White House announcement, though there will be additional duties that vary by country.

The latest tariffs are likely to impact global economic growth and inflation, possibly complicating monetary policy around the world, according to analysts. The move has ignited "fears that a broadening trade war will unleash a recession," D.A. Davidson said in a note.

* Weekly applications for unemployment insurance in the US declined, while continuing claims rose more than projected to hit the highest in more than three years, government data showed.

Meanwhile, the Bureau of Labor Statistics is expected to report Friday that the US economy added 140,000 nonfarm jobs last month, which would mark a drop from a 151,000 gain posted for February, according to a Bloomberg-compiled survey.

* May West Texas Intermediate crude oil closed down $4.93 to settle at $66.79 per barrel, while June Brent crude, the global benchmark, was last seen down $4.95 to $70.00 amid Thursday's market turmoil and after a decision by OPEC+ to add in May more new supply than expected as it speeds the return of 2.2-million barrels of production cuts to market.

* The Trump administration's new reciprocal tariffs are likely to impact Best Buy ( BBY ) the most among hardline retailers, followed by certain home furnishing companies, Wedbush Securities said. Best Buy ( BBY ) shares were down over 18%.

* Lamb Weston ( LW ) posted better-than-expected fiscal Q3 results as volume gains helped offset lower prices, while the company reiterated its full-year outlook. The frozen potato product supplier's shares jumped over 10%.