In the first session after the April 2, 2025, U.S. tariff announcement, Reuters reported that Ralph Lauren shares fell 16.3% and Nike shares fell 14.4% on April 3. Apple fell 9.5% that day and another 7.3% on April 4, according to separate Reuters reports. These are reported examples, not a complete ranking of every stock: the answer to “which lost the most” depends on the market universe and measurement window.
What fell on April 3, 2025?
Among the company-specific declines reported here, Ralph Lauren and Nike had the largest cited one-session percentage drops on April 3. Reuters connected the apparel sell-off to tariffs affecting production hubs including Vietnam, Indonesia and China. The figures describe that session; they do not establish a ranking across all U.S.-listed stocks.
| Company | Reported move | Window and context |
|---|---|---|
| Ralph Lauren | Down 16.3% | April 3, 2025; Reuters linked apparel declines to tariff-exposed production hubs. |
| Nike | Down 14.4% | April 3, 2025; Reuters linked apparel declines to tariff-exposed production hubs. |
| Apple | Down 9.5% | April 3, 2025; Reuters reported investor concern about China exposure and iPhone manufacturing. |
| Chevron | Down 5.6% | April 3, 2025; Reuters reported the decline alongside falling crude prices. |
| Exxon Mobil | Down 4.6% | April 3, 2025; Reuters reported the decline alongside falling crude prices. |
| Ford | Down about 4.7% | April 3, 2025; auto tariffs were due to take effect. |
| General Motors | Down about 3.8% | April 3, 2025; auto tariffs were due to take effect. |
Source for the apparel figures: Reuters, republished by MarketScreener Canada, April 3, 2025. Sources for Apple, energy and automaker figures: Reuters, republished by Kitco News, April 3, 2025 and Reuters, republished by Investing.com Canada, April 3, 2025.
Apple’s April 4 decline is a separate session
Reuters reported that Apple fell 7.3% on April 4, 2025, after its 9.5% drop on April 3. Those are two distinct daily observations. They should not be added to claim a two-day return: a multi-session percentage change must be calculated from comparable closing prices. Reuters described Apple’s China exposure and reported a Rosenblatt Securities estimate of $39.5 billion in potential tariff costs. That was an analyst estimate, not a realized cost or an Apple forecast.
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Source: Reuters, republished by Investing.com, April 4, 2025.
How large was the broader market sell-off?
The index and market-value figures show the scale of the shock, but they measure different things from an individual stock’s percentage return.
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- The S&P 500 fell 4.85% and the Nasdaq Composite fell 5.99% on April 3, 2025, Reuters reported.
- S&P 500 companies lost $2.4 trillion in market value on April 3, 2025, according to Reuters.
- Across April 3–4, 2025, S&P 500 companies lost $5 trillion in market value. Reuters described it as a record two-day decline.
The $5 trillion figure is an aggregate market-cap loss over two sessions, not the return of the S&P 500 or the loss of one stock. Sources: Reuters, republished by Investing.com, April 3, 2025 and Reuters, republished by Investing.com, April 4, 2025.
Why tariff exposure varied by company
Investors were assessing different risks rather than responding to one uniform cost. Apparel companies had production in tariff-affected Asian markets; Apple faced scrutiny over its China-based manufacturing exposure. Automakers were in focus as auto tariffs were scheduled to take effect. Exxon Mobil and Chevron fell alongside a slump in crude prices.
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →These contemporaneous explanations provide context, not proof that tariffs alone caused any company’s daily move. Share prices can also reflect broader market sentiment and other company- or sector-specific factors. A decline occurring after an announcement is not, by itself, a measure of that announcement’s effect.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why there is no definitive “biggest losers” list here
A strict leaderboard needs a defined universe—such as S&P 500 constituents or all U.S.-listed stocks—and one consistent return window and calculation method. The reported examples do not provide a complete, uniformly calculated ranking. Nor should a stock’s percentage decline be compared directly with dollars of market value lost: percentage return measures a price move, while market-cap loss depends on a company’s size as well as its share-price change.
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For this historical event, the clearest supported comparison is the April 3 session: Ralph Lauren and Nike had the largest cited single-day declines among the named examples. Apple’s April 4 drop belongs to a separate session, and none of these figures describes present-day prices or tariff policy.
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