US stock futures cratered on Friday, setting up for more losses after a $2.5 trillion wipeout as trade-war fears continued to spook markets waiting for the monthly jobs report and a Jerome Powell speech.

Dow Jones Industrial Average futures (YM=F) pulled back 2.8%, or over 1,140 points. S&P 500 futures (ES=F) sank 2.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 3.1%.

Stock losses accelerated before the bell after China said on Friday it will impose additional tariffs of 34% on all US products from April 10 — matching the extra 34% duties imposed by Trump on Wednesday.

That ramped up investor worries that countries are more likely to retaliate than negotiate, leading to a protracted global trade war.

CBOT – Delayed Quote • USD

On Thursday, investors fled risk assets in the wake of the punishing reciprocal tariffs laid out by President Trump, with markets worldwide going into a tailspin as US stocks booked their worst one-day sell off since 2020.

Trump, speaking to reporters aboard Air Force One on Thursday, said the rollout of his tariffs is “going very well”. He added that he is open to “phenomenal” offers from countries to negotiate down the new rates.

Read more: The latest on Trump’s tariffs

Economists are warning that with tariffs as-is, the risk of a US recession is rising. On Friday, the release of the March jobs report will shed light on the health of the US economy before Trump’s big tariff push took hold. Nonfarm payrolls are expected to show a rise of 140,000 when the reading is released at 8:30 a.m. ET.

Also ahead is a conference speech by Federal Reserve Chair Powell on Friday morning, with the focus on what his comments signal about the economy and tariffs. Traders have ramped up bets on interest rate cuts this year to four, as the Fed is expected to set its efforts to cool inflation aside to tackle the bigger risk of economic slowdown.

• LIVE 5 updates
• The 10-year treasury (^TNX) yield fell below the the 4% threshold on Friday morning as investors flocked to bonds amid trade war and recession fears.
• The benchmark yield fell as much as 15 basis points to 3.88%, the lowest level since President Trump took office after China announced retaliatory tariffs on US imports in reaction to President Trump’s wide-spread duty announcement earlier this week.
• Fears of a global slowdown or recession gripped investors after Trump announced tariffs on its trading partners, sending the stock market into a tailspin.
• Trump’s announcement on Wednesday brought levies against Chinese made imports to 54%. Analysts believe those levies will impact a variety of goods, including clothing, toys, and electronics.
• GameStop (GME) initially jumped over 3% in premarket Friday after CEO Ryan Cohen bought 500,000 more shares, but has since slipped almost % as trading unfolds.
• Reuters reports:
• Read more here.
• Oil prices declined in early Friday trading in Asia, on track for their worst week in months, as President Trump’s new tariffs fueled fears of a global trade conflict that could dampen oil demand.
• Reuters reports:
• Read more here.