Thursday's tariff-induced stock market selloff was felt by both consumers and tech companies.
On a wide level, there was a shock to retirement accounts. On a narrow level, there was a shock to what people buy and use everyday.
Because of tariffs put on countries that make so much of the clothing people in the U.S. wear, wardrobe budgets will likely need to rise.
"It's going to hit consumers' wallets," Bankrate financial analyst Stephen Kates said. "I think people who are going to be shopping for a summer wardrobe, they're going to look at the apparel prices and they're going to be a little bit upset."
Companies like Gap, based in the Bay Area, and Nike reacted to tariffs in countries like Vietnam, Thailand, and China by tumbling Thursday. Tech stocks – Apple, Meta, Tesla, Dell – were all hammered on fears of inflation and the knowledge that they'll likely have to pass those higher prices onto customers.
"Apple, for instance, was friendshoring out of China into India or Vietnam, countries that we are a little bit more politically friendly with," Kates said. "Well, those countries got hit just as hard, in some cases harder."
NBC Bay Area business and tech reporter Scott Budman has more in the video report above.
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