President Donald Trump’s so-called “Liberation Day,” which marked the imposition of tariffs on all U.S. trading partners on Wednesday (April 2), was followed by a bloodbath on Wall Street on Thursday (April 3). The tech-heavy Nasdaq fell 6.0% while the S&P 500 dropped 4.8% — the largest single-day decline since 2020 for both. The Russell 2000, an index of small-cap companies, dropped 6.6% and entered bear market territory, having lost more than 20% of its value since reaching its all-time high in November. All music stocks except three K-pop companies suffered losses Thursday, with a handful losing 13% or more of their value and most dropping by mid-single digits. Music is largely a service that operates seamlessly across borders and is mostly immune from the tariffs applied to manufactured goods. But investors clearly expect U.S. consumers to face higher prices and an uncertain labor market, which in turn causes people to reduce their spending on everything from everyday household items to more expensive items such as concert tickets and travel. The severity of stock declines varied by industry segment. Companies with high exposure to the U.S. advertising market were hit particularly hard, a reflection of brands’ tendency to reduce their ad spending in times of economic uncertainty. In the radio segment, iHeartMedia shares fell 13.1%, Cumulus Media dropped 10.1% and Townsquare Media sank 6.3%. Satellite radio company SiriusXM lost 5.4%. Music streamer LiveOne, which has both subscription and ad-supported offerings, fell 12.9%. PodcastOne, a podcast company majority owned by LiveOne, dipped 10.3%. Companies involved in live music also fared poorly. Sphere Entertainment Co. fell 13.9% while sister company MSG Entertainment fell 6.8%. Live Nation dropped 6.4%. Secondary ticket marketplace Vivid Seats fell 9.6% and ticketing company Eventbrite sank 4.7%. Sphere Entertainment’s decline was mirrored in other companies that also rely on travel to Las Vegas: Las Vegas Sands Corp. lost 6.7%, MGM Grand International dipped 9.3%, Caesars Entertainment fell 9.5% and Wynn Resorts dropped 10.6%. Multi-sector music companies — a combination of mainly recorded music and music publishing — fared relatively well. Universal Music Group lost 1.5%. Warner Music Group dropped just 0.7%. Reservoir Media was down 3.5%. There was also a clear divide between companies that derive the majority of their income within the U.S. and companies that do not. Live music and ticketing companies based in the U.S. fell an average of 8.3% while German concert promoter CTS Eventim fell just 2.4%. Radio companies and LiveOne, which are more subject to the health of the U.S. advertising market, fared worse than Spotify, which fell just 1.2% despite offering an ad-supported tier in the U.S. The most valuable American companies suffered huge losses as investors gauged the tariffs’ impact on foreign-manufactured goods. Apple shares dropped 9.3%, wiping out more than $300 billion of market value. Amazon, which does brisk business on items manufactured in Asian countries facing large tariffs, fell 9.0%. Meta, which relies on advertising for nearly all of its revenue, also dropped 9.0%.