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The stock market took another pounding Friday after China retaliated with new tariffs on U.S. goods, further lending credibility to fears of a trade war that could spark a global a recession.
The Dow Jones Industrials faded 1,422.91 points, or 3.5%, to begin the week’s last session at 39,123.02
The S&P 500 index dropped 221.65 points, or 4.1%, to 5,174.87.
The NASDAQ let go of 748.92 points, or 4.5%, to 15,801.68.
China’s commerce ministry said Friday the country will impose a 34% levy on all U.S. products. This matches the tariff on Chinese goods coming into the U.S. unveiled by President Donald Trump on Wednesday.
Technology stocks kept bleeding on Friday. Shares of iPhone maker Apple slumped more than 3%, adding to a 10% loss for the week.
Artificial intelligence bellwether Nvidia pulled back 5%, while Tesla fell 6%. All three companies have large exposure to China and are among the hardest hit from Beijing’s retaliatory duties.
Outside of tech, Boeing and Caterpillar — big exporters to China — led the Dow lower.
Prices for the 10-year Treasury rose sharply, lowering yields to 3.91% from Thursday’s 4.06%. Treasury prices and yields move in opposite directions.
Oil prices lost $5.93 to $61.02 U.S. a barrel.
Prices for gold paled $51.60 to $3,069.80 U.S.