Dow industrials led the market lower, with Caterpillar, Intel and Boeing all down more than 3%.
U.S. stocks took it on the chin Friday, as investors fretted over fresh tariffs announcements by the U.S. and China as well as over a disappointing employment report.
The Dow Jones Industrial Average DJIA, -2.34% fell 2.3%, while the S&P 500 indexSPX, -2.19% lost 2.2% and the Nasdaq-100 Index NDX, -2.45% declined 2.3%. The Dow is now down 3.1% year-to-date, with dividends reinvested, while the S&P 500 has had a slight positive return and the Nasdaq-100 is up 3.4%.
The tit-for-tat with tariffs continued as President Trump said late Thursday that he had asked the U.S. Trade Representative to identify a further $100 billion in goods imported from China annually, to potentially be subject to tariffs. This followed the following tariff-related announcements:
• March 1: President Trump announces tariffs on steel and aluminum imports, from which the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea were temporarily exempted.
• April 1: China announces retaliatory tariffs on 120 U.S. food products.
• April 3: The Trump administration announces additional tariffs on 1,300 productsmade in China and exported to the U.S., to go into effect after a 60-day commentary period.