Mumbai, Aug. 4 -- The Nasdaq plunged 472.32 points (2.2%) to 47,231.61, the S&P 500 tumbled 101.38 points (1.6%) to 6,238.01 and the Dow slumped 542.40 points (1.2%) to 43,588.58.

Wall Street saw a sharp sell-off as investors reacted to the economic implications of President Trump's newly announced tariffs which range from 10% to 41%. A 40% tariff will target goods transshipped to dodge existing duties, surprising markets that expected a delay. Russ Mould of AJ Bell noted that investors now face the challenge of reassessing company impacts. The mood worsened following a disappointing Labor Department report showing weaker-than-expected job growth in July. Combined, these factors fueled uncertainty and risk aversion.

The Labor Department...