Wall Street benchmarks slumped on Thursday, ending with the largest single-day percentage losses in years, as U.S. President Donald Trump's sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

Markets tumbled and executives scrambled to grasp the scope and size of President Trump’s trade barriers.

The stock market saw massive selloffs Thursday, a day after President Trump announced sweeping tariffs. Philadelphia-based experts say there's no need to panic and share some analysis for those worried about their retirement accounts.