The pain continued for global markets on Friday, as the S&P 500 and Dow Jones joined the FTSE 100 in the red.

The FTSE 100’s downturn deepened following China’s announcement of 34 per cent retaliatory tariffs against the US. The index was down over four per cent in the afternoon.

In New York, the Dow shed 900 points on open as it tumbled over 2.5 per cent. The S&P made losses of nearly three per cent.

The tech-heavy Nasdaq Exchange sunk over three per cent during early trading.

Apple, which suffered its worst drop since the pandemic era on Monday, fell by three per cent on open.

Tesla was down nearly five per cent. This took the stock’s losses so far this year over 30 per cent.

On the Dow, Goldman Sachs plunged over six per cent. JP Morgan Chase was not far behind at over five per cent.