Stocks tumble again after China fires back in trade war

The major U.S. stock indexes dropped sharply Friday trading as President Donald Trump's historic tariffs announcement sent shockwaves through the global economy.

The major U.S. stock indexes dropped sharply just minutes into Friday trading as President Donald Trump's historic tariffs announcement — and fresh retaliatory duties imposed by China — sent further shock waves through the global economy.

The S&P 500 fell more than 3.7%, deepening a decline that began in February. The index, which tracks 500 of the leading U.S. companies, is now down almost 15% from its peak.

The tech-heavy Nasdaq was down even further, sliding about 3.9%. The Dow Jones Industrial Average fell more than 1,200 points, or about 3.2%.

The Russell 2000 index, which tracks the stocks of smaller U.S. companies, shot lower by 4.7%.

It's shaping up to be a second-straight rough day for markets. On Thursday, the S&P 500 had its worst day since the early days of the Covid pandemic. Among the biggest names falling Friday were Elon Musk's EV maker Tesla (down about 10%), farm equipment giant Caterpillar (down about 6%) and market-leading AI chip maker Nvidia (down about 7%).

https://www.nbcnews.com/business/markets/stocks-fall-trump-trade-war-rcna199675

---