U.S. stocks extended their selloff on Friday after Fed Chairman Jerome Powell warned that the economic impact of an escalating trade war could be worse than expected, as fears of a trade war rattled markets. The S&P 500 plunged nearly 6%, the Dow dropped 2,230 points, and the Nasdaq dropped 5.8%, hitting its lowest level since May. Powell cited rising risks from inflation and slower growth, while reiterating a cautious, wait-and-see stance on interest rate cuts. Market anxiety increased after China's finance minister announced 34% tariffs on all U.S. imports, mirroring President Trump's move on Wednesday. Economists warned of higher prices, weaker growth and a potential recession, despite stronger-than-expected payrolls data. Losses were broad-based, with energy leading the decline, followed by financials, technology and industrials. Tech giants like Apple (-5.9%), Microsoft (-3.5%), Nvidia (-7.4%), Amazon (-4.1%), Meta (-5%), Alphabet (-3.4%), and Tesla (-10.4%) experienced sharp declines. (Newsmaker23)
Source: Trading Economics
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