U.S. stocks opened sharply lower Friday, with the Dow Jones Industrial Average tumbling 982 points (2.4%) at the opening bell and entering correction territory – down 10% from its recent peak – after China imposed retaliatory 34% tariffs on American goods.
The S&P 500 mirrored the selloff, dropping 2.48% (133 points) to 5,262.68 in early trading, extending Thursday’s worst single-day decline since March 2020. The market rout reflects growing investor anxiety over an escalating trade war, with Beijing’s swift response to U.S. tariffs triggering fresh volatility across global markets.
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