Wall Street's fear index surged Thursday as investors were shocked by Trump's historic tariff hike. As U.S. stocks and blue-chip stocks such as Apple plunged, the VIX volatility index, also known as the "fear gauge," surged 30%, heading for its biggest one-day gain since the Fed-driven sell-off in December. "The market thinks this is not just bad economics, it's bad math," said Michael Block, market strategist at 37 Capital. Block pointed out that the way the Trump administration calculated the reciprocal tariffs seemed suspicious. "They ignored every rule of classical micro and macroeconomics. This is the policymaking equivalent of a suicide bomb." Liz Ann Sanders, chief investment strategist at Charles Schwab, said that in the past many investors believed that Trump was just using tariffs as a negotiating tool. "Now the market is saying, wait, this is really happening. We should believe him," Sanders said.