The S&P 500 dropped 2.7%, the Dow tumbled 970 points, and the Nasdaq sank 3.1% on Friday, hitting their lowest levels since last August and extending the previous session's sell-off. The trade war escalated further as China's finance minister announced a 34% tariff on all US imports, mirroring the levy imposed by President Trump on Wednesday.
Investor anxiety is mounting over the economic fallout, with many economists warning of higher prices, slower growth, and a potential recession. On the data front, payrolls rose way more than expected, continuing to point to a healthy labour market. Losses were broad based but the energy sector was the worst performer, followed by industrials and materials.
Megacaps were sharply lower, including Apple (-3%), Microsoft (-2.1%), Nvidia (-4.3%), Amazon (-4.5%), Meta (-4.3%), Alphabet (-1.3%) and Tesla (-5.2%). For the week, the Nasdaq has dropped 4.5%, the S&P 500 is down 3.3%, and the Dow has declined 2.5%.
Source: Trading Economics
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