Market Meltdown: The Top Midday Decliners in the 2025 Tariff Crisis

On April 24, 2025, the U.S. stock market faced unprecedented turmoil as sweeping tariffs imposed by President Donald Trump triggered a historic selloff. Among the hardest-hit stocks were a group of small-cap companies and tech firms, with several plunging over 30% in a single session. The top midday decliner, Moomoo, a commission-free trading platform, exemplified the broader market’s fragility as investors grappled with the economic fallout of protectionist policies.

The Decline of the Decliners

The most dramatic losses were concentrated in low-market-cap stocks, which are typically more vulnerable to macroeconomic shocks. Here’s a breakdown of the top midday decliners, based on April 24’s trading data:

1. Charles & Colvard, Ltd. (CTHR)
2. Decline: -35.28%
3. Price: $0.530
4. Market Cap: $1.65 million
5. Why it fell: A jewelry manufacturer struggling with supply chain disruptions caused by tariffs, CTHR’s microcap status made it a prime target for speculative short selling.

1. Ocean Biomedical, Inc. (OCEA)
2. Decline: -33.77%
3. Price: $0.0255
4. Market Cap: $4.23 million

5. Why it fell: A tiny biotech firm with no revenue, OCEA’s plummet reflected broader fears over healthcare costs rising due to tariffs on medical supplies.

6. Intensity Therapeutics, Inc. (INTS)

7. Decline: -30.89%
8. Price: $1.320
9. Market Cap: $20.04 million
10. Why it fell: A developer of cancer therapies, INTS faced investor skepticism over its ability to navigate higher input costs amid the trade war.

The Catalyst: Trump’s “Liberation Day” Tariffs

The declines were fueled by the April 2 imposition of tariffs—ranging from 10% to 104%—on imports from China, Canada, and Mexico, which Trump dubbed “Liberation Day.” These tariffs triggered a two-day market rout (April 3–4) that erased over $6.6 trillion from global equities. The S&P 500 and Nasdaq fell 10%, while the Dow lost 9.48%, marking its worst two-day drop since 2008.

The Broader Market Impact

The small-cap-heavy Russell 2000 index bore the brunt, plunging 15% as investors fled perceived risk. Even larger companies like Enphase Energy (ENPH), a solar inverter maker, saw a -15.09% drop due to tariff-induced cost pressures and delayed projects. Meanwhile, Asia-Pacific markets like Hong Kong’s Hang Seng Index surged 2.37% on hopes of U.S.-China de-escalation, underscoring the global disconnect in investor sentiment.

Why Investors Should Worry

The declines highlight three critical risks:
1. Geopolitical Uncertainty: Retaliatory tariffs from China (34%) and Mexico (20%) deepened fears of a full-blown trade war.
2. Fed Inaction: The Federal Reserve’s refusal to cut rates despite the crash amplified recession fears.
3. Corporate Vulnerability: Smaller firms, reliant on global supply chains, face existential threats as input costs soar.

Conclusion: A Warning for Investors

The top midday decliners are canaries in the coal mine for a broader market collapse. With the S&P 500 down 10% in just days and small-cap stocks suffering even greater losses, the data paints a dire picture. Companies like CTHR (-35.28%) and OCEA (-33.77%) illustrate how tariffs and Fed policy have turned the screws on vulnerable businesses.

Investors must now weigh two risks:
- Short-term Volatility: The market’s 48-hour $6.6 trillion loss shows how quickly sentiment can shift.
- Long-term Damage: Smaller firms with razor-thin margins may never recover, while larger companies like ENPH face prolonged headwinds.

The lesson is clear: in an era of geopolitical and monetary policy chaos, investors must prioritize stability over speculation. As the saying goes, “Don’t fight the Fed”—but when the Fed sits on its hands, and tariffs reign, even the strongest portfolios may falter.

The 2025 tariff crisis is no flash in the pan. For now, the safest bet may be to hunker down—and hope for a truce.