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The stock market was headed for another pounding Friday after China retaliated with new tariffs on U.S. goods, raising fears a trade war will tip the globe into a recession.
Futures for the Dow Jones Industrials let go of 1,080 points, or 2.7%, to 38,696.
Futures for the S&P 500 index sank 144 points, or 2.7%, to 5,288.75.
Futures for the tech-heavy NASDAQ gave up 535.25 points, or 2.8%, to 18,140.25.
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.
Apple shares tumbled another 5% in premarket trading after China announced retaliatory tariffs against the U.S.
Investors on Friday morning are focused on the closely watched jobs report for March, which showed the economy created 228,000 last month, hiking the jobless rate to 4.2%.
Economists polled by Dow Jones expect nonfarm payrolls to rise by 140,000 jobs and the unemployment rate to hold steady at 4.1%.
In Japan, the Nikkei 225 index sank 2.8% Friday, while in Hong Kong, markets were closed for a public holiday.
Oil prices sank $4.67 to $62.19 U.S. a barrel.
Gold prices dipped $4.40 to $3,117.30 U.S. an ounce.
