US stocks opened sharply lower Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war.
The Dow fell 1,000 points, or 2.5%, and the broader S&P 500 was 2.6% lower. The tech-heavy Nasdaq was 3% lower and flirting with bear-market territory — a decline of 20% from its peak in December.
Investors had been fearful that a dramatic escalation of the trade war could plunge the US and global economies into a recession. JPMorgan analysts said Thursday that America’s economy and the broader world economy both had a 60% chance of sinking into a recession this year. The analysts also said odds of a recession would rise if countries began to retaliate against the United States — and China did so Friday. Retaliation raises the risk of further escalation and could diminish hopes for negotiation.
“Markets may actually be underreacting, especially if these rates turn out to be final, given the potential knock-on effects to global consumption and trade,” said Matt Burdett, head of equities at Thornburg Investment Management. “The tariffs have injected a level of uncertainty and volatility we haven’t seen since the early days of the pandemic.”
Investors Friday morning wrestled with tariff anxiety while also digesting fresh data that showed stronger-than-expected job growth in March. The US economy added 228,000 jobs in March, a significant increase from February’s revised gains of 117,000, according to Bureau of Labor Statistics data released Friday.
“Unfortunately, the market is no longer focused on the jobs market and focused squarely on tariffs and trade wars as the US plays chicken with the rest of the world, potentially beginning a downward spiral into a worldwide recession,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
Traders ditched risky stocks, especially tech companies whose products are manufactured overseas and could soon be subject to enormous tariffs. Apple (AAPL), which tumbled more than 9% Thursday, was down another 5% Friday morning. Amazon (AMZN) was 7% lower.
As stock futures tumbled ahead of the opening bell, Trump posted on social media, “To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!”
And as investors sold stocks, they poured money into traditional safe havens, including government bonds and gold.
The 10-year Treasury yield, which briefly fell below 4% Thursday for the first time since October, fell firmly below 4% Friday as investors bought bonds to insulate themselves from a potential economic downturn. Bond prices and yields trade in opposite directions.
Gold prices surged above $3,130 a troy ounce, setting another record. But investors ditched other commodities, including oil, out of fear that the trade war could send the global economy into a recession. US oil, which plunged nearly 7% Thursday, tumbled another 9% below $62 a barrel. Brent oil futures, the global benchmark, fell 8%.
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