UPDATE
Apr 4, 2025 8:55 AM CDT
The stock market did indeed continue to plunge at the start of Friday's trading, per CNBC:
- The Dow sank more than 1,000 points in the first 20 minutes of trading, or 2.5%.
- The benchmark S&P 500 fell 2.9%, and the tech-focused Nasdaq fared slightly worse, down 3%.
- A stronger-than-expected jobs report didn't seem to help much.
Apr 4, 2025 6:46 AM CDT
On Thursday, the stock market had its worst day since 2020. Friday appears set to be its worst day since Thursday. Stock futures fell off a cliff early Friday after China announced new 34% tariffs on all imports from the US, matching Trump's new tariffs on imports from China. The S&P 500, which fell 4.8% on Friday, is set to open 2.8% lower, the New York Times reports. Dow Jones futures were also down 2.8%, more than 1,100 points, at 7:30am Eastern. There could be more shifts before the market opens: The jobs report for March is due at 8:30am Eastern, and investors want to know if "tariff uncertainty—even before Trump rolled out his full plans—has bled into the real economy," reports the Wall Street Journal.
Stocks in Europe and Asia also dropped sharply Friday and oil prices fell to their lowest level in almost four years. Companies most exposed to China had some of the steepest drops in premarket US trading, CNBC reports. Qualcomm fell around 6%, with Apple and Tesla down around 5%. "The Trump administration may be playing a game of chicken with trading partners, but market participants aren't willing to wait around for the results," says Michael Arone at State Street Global Advisors. "Investors are selling first and asking questions later." The tech stocks known as the "Magnificent Seven" collectively lost more than $1 trillion in market capitalization Thursday, with a 9.3% drop for Apple wiping $311 billion off its value, MarketWatch reports. (More stock market stories.)
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