Dow Jones drops 1,679 points in response to new Trump tariffs, but an Oklahoma-based financial strategist advises Oklahomans not to panic.
Thursday, April 3rd 2025, 11:11 pm
By: Jordan Fremstad, Destini Pittman
As the stock market dips following the new Trump administration tariffs, a financial strategist is urging Oklahomans not to panic.
The Dow Jones Industrial Average dropped 1,679 points, or 4.8%, to close at 40,546 on Thursday. Investors are reacting to uncertainty surrounding tariff impacts, and the volatility is raising questions for everyday Americans about what to do next.
Steve Wyett, chief investment strategist for BOK Financial in Tulsa, said this kind of market drop, while jarring, is part of long-term investing.
“This is part of the price of admission of being in the stock market over longer periods of time,” Wyett said. “If a day like today is one that you say, ‘Look, I just cannot take this kind of risk,’ then you probably shouldn’t own stocks in your portfolio.”
Wyett says investors should revisit their financial plans, not abandon them. He said sharp selloffs are often followed by sharp recoveries, and missing out on those gains can significantly impact long-term returns.
“Don’t just say, ‘OK, I’m out of the market, I can’t take this anymore,’” he said. “There’s probably going to be a big bounce at some point in the relatively near future, and if you’re out of the market, you’ll miss that.”
Wyett said it’s a good time for investors to talk with their financial advisors, especially about risk tolerance.
“Nobody cares about risk until it gets parentheses around it,” he said, noting that people are more likely to question their investments during downturns.
The market reaction comes as new tariffs begin to hit consumer goods. While the long-term goal is to boost U.S. production and bring more jobs home, Wyett says the short-term impact could cause stress on consumers.
“This is going to put a lot of pressure on Congress to get the extension of the tax cuts and Jobs Act in, and maybe throw in some additional stuff—like no taxes on tips, overtime, or Social Security—which can act as an offset to these increases in prices,” he said.
Still, he says that the timing of relief remains uncertain.
“There is a positive path forward. It’s just a timing differential of what we’re facing today.”
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Jordan Fremstad
Jordan is a three-time Emmy-nominated multimedia journalist who began his broadcast journalism career in La Crosse, Wisconsin. Jordan came to Oklahoma City after four years with La Crosse’s CBS affiliate WKBT News 8 Now.
