Wall Street nosedived for a second straight day on Friday, confirming the Nasdaq Composite was in a bear market and the Dow Jones Industrial Average was in a correction, as an escalating global trade war spurred the biggest losses since the pandemic.

Market Snapshot

The Nasdaq slid on Friday 962.82 points, or 5.82%, to 15,587.79, confirming the tech-heavy index was in a bear market compared to its record closing high of 20,173.89 on December 16.

Meanwhile, the Dow Jones Industrial Average fell 2,231.07 points, or 5.50%, to 38,314.86 points, confirming a correction to its record closing high of 45,014.04 on December 4.

The S&P 500 lost 322.44 points, or 5.97%, to close at 5,074.08 points, its lowest finish in 11 months.

Market Movers

The Magnificent Seven stocks— Microsoft, Tesla, Nvidia, Apple, Amazon.com, Meta Platforms, and Alphabet—tumbled Friday after the group shed $1.03 trillion in market capitalization on Thursday, the largest one-day market cap decline on record.

Apple - Apple fell 7.3% on Friday. It declined 9.3% on Thursday and lost $313.5 billion in market cap, the iPhone maker’s worst one-day market cap decline ever. The drop Thursday also marked the largest percent decrease since March 16, 2020, when the stock dropped nearly 13%. Apple stock has been taking a hit because of itsdependence on Chinese manufacturing. Tariffs on goods made in China were set at a combined 54%, although the Trump administration gaveconflicting messagesabout the exact figure.

Tesla - Tesla declined 10.4% following China’s move to push back on Trump’s tariffs. The maker of electric vehicles slumped 5.5% on Thursday and ended a two-session winning streak.The declinefollowed a 5.3% gain on Wednesday, even as Tesla’s first-quarter delivery numbers disappointed. Coming into Friday, Tesla shares have dropped nearly 40% this year.

Nvidia - Nvidia, the leading maker of artificial-intelligence chips, fell 7.4%. The stock closed Thursday down 7.8%, the largest percentage decrease since March 3, leaving the stock at its lowest levels since last summer, amid fears that the rollout of Nvidia’s Blackwell hardware would be delayed. The stock’s slump on Thursday came even as the White House said tariffs on Taiwan of 32% wouldn’t apply to chips. Nvidia’s chips are mostly manufactured in Taiwan.

And Meta fell 5.1%, Amazon.com fell 4.2%, and Microsoft fell 3.6%, Alphabet fell 3.4%.

AMD, Qualcomm, Broadcom - Fellow chip makers AMD, Qualcomm, and Broadcom dropped. AMD and Qualcomm dropped 8.6%, and Broadcom tumbled 5%.

Intel - Intel fell 11.5% after rising in the premarket session on a report that said the semiconductor company had reached apreliminary agreement to form a joint venture withTSMC. TSMC would take a 20% stake in the new company while Intel and other U.S. semiconductor companies will hold a majority of the shares, the report said.

Boeing - Boeing stock was down 9.5% after China retaliated to Trump’s tariffs. A trade war between U.S. and China would be a big problem for Boeing, as China is a huge market opportunity for the plane maker.

Dell - Dell Technologies was down 7.3%. The personal computer maker was the worst performer in the S&P 500 on Thursday after tumbling 19%. Analysts at Morgan Stanleycalledthe tariffs on information technology hardware makers “calamitous.”

DuPont - DuPont tumbled 12.8% as China’s market regulator said Friday launched an antimonopoly probe into DuPont’s China operations.

Nike - Nike rose 3% and other apparel and footwear makers rallied Friday after Trump said Vietnam wanted to cut tariffs on the U.S., a move investors hoped will lead to lower import tariffs for Vietnamese products. Factories in Vietnam made about 50% of Nike footwear and 28% of its apparel products in fiscal 2024.

GameStop - GameStop rose 11.3% after CEO Ryan Cohen increased his stake in the videogame retailer. Cohen purchased 500,000 shares on Thursday at $21.55 a share, according to a regulatory filing. The purchase increased Cohen’s stake in GameStop to about 8.4% of the shares outstanding. GameStop shares fell 7% on Thursday.

Chinese ADRs - Chinese ADRs sank after Beijing hit back at Trump’s tariffs. Direxion Daily FTSE China Bull 3X Shares (YINN) fell 20%; Alibaba fell 10%; PDD Holdings, Baidu, XPeng, JD.com and NIO fell 8%;

Market News

China to Impose Tariffs of 34% on All US Goods from April 10

China on Friday announced a slew of additional tariffs and restrictions against U.S. goods as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump.

The Finance Ministry said it would impose additional tariffs of 34% on all U.S. goods from April 10.

Beijing also announced controls on exports of medium and heavy rare-earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium to the United States, effective April 4.

Fed's Powell Says Larger-Than-Expected Tariffs Likely to Boost Inflation, Slow Growth

President Donald Trump's new tariffs are "larger than expected," and the economic fallout including higher inflation and slower growth likely will be as well, Federal Reserve Chair Jerome Powell said on Friday, while cautioning it was still too soon to know what the right response from the central bank ought to be.

"We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation," undermining both of the Fed's mandates of 2% inflation and maximum employment, Powell told a business journalists' conference in Arlington, Virginia, in remarks that pointed to difficult decisions ahead for the U.S. central bank and did nothing to staunch a global bloodletting in stock markets.