US open: Stocks sharply lower as China matches Trump's tariffs
By Iain Gilbert
Date: Friday 04 Apr 2025
(Sharecast News) - Major indices were firmly in the red early on Friday as Donald Trump's tariff-driven market rout looked set to continue for another day.
As of 1520 BST, the Dow Jones Industrial Average was down 2.65% at 39,469.45, while the S&P 500 shed 3.08% to 5,230.12 and the Nasdaq Composite came out the gate 3.16% weaker at 16,027.23.
The Dow opened 1,076.48 points lower on Friday, extending heavy gains recorded in the previous session as the White House's sweeping tariff measures weighed heavily on markets.
Stocks looked set to turn in yet another day of heavy losses after China hit back at the US with a 34% levy on all American-made products, matching tariffs imposed on Chinese goods coming into the States. Beijing also added a number of US firms to its so-called "unreliable entities list", asserting that the companies in question had broken market rules or contractual commitments, and launched an antitrust investigation into chemicals giant DuPont.
However, Trump seemingly ignored Wall Street's woes, stating that his "policies will never change" as he urged investors to pour more cash into the US.
Also of note, the yield on the benchmark 10-year Treasury note fell below 4% to 3.942% as market participants moved aggressively into bonds. JPMorgan also raised the odds of the US economy falling into recession in 2025 to 60% from 40%.
On the macro front, hiring in the US accelerated unexpectedly last month as hiring in education and leisure picked up, according to the Department of Labor, which revealed non-farm payrolls grew by 228,000 in March. Economists had forecast an increase of 135,000. Payrolls data for the previous two months were revised down by a combined 48,000, while average hourly earnings rose at a month-on-month pace of 0.3%, and the rate of unemployment ticked up by a tenth of a percentage point to 4.2%, both as expected.
Still to come, Federal Reserve chairman Jerome Powell will deliver a speech at 1625 GMT.
In the corporate space, multinationals with large exposure to China, such as Apple, Tesla, Caterpillar and Nvidia, all traded lower in early trading, as did major banking names like Morgan Stanley, Goldman Sachs, Citigroup, and JPMorgan Chase on the back of recessionary fears.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $243.49 0.00%
Verizon Communications Inc. (VZ) $45.62 0.00%
JP Morgan Chase & Co. (JPM) $228.69 0.00%
American Express Co. (AXP) $247.82 0.00%
Unitedhealth Group Inc. (UNH) $541.32 0.00%
Coca-Cola Co. (KO) $73.18 0.00%
Procter & Gamble Co. (PG) $172.39 0.00%
Dow Chemical Co. (DOW) $31.46 0.00%
Visa Inc. (V) $339.33 0.00%
Merck & Co. Inc. (MRK) $86.39 0.00%
Dow Jones - Fallers
Intel Corp. (INTC) $20.88 -6.91%
Walgreens Boots Alliance, Inc. (WBA) $10.60 -4.11%
Apple Inc. (AAPL) $199.03 -2.05%
Cisco Systems Inc. (CSCO) $56.92 -0.69%
Amgen Inc. (AMGN) $307.73 -0.68%
Microsoft Corp. (MSFT) $372.45 -0.18%
Nike Inc. (NKE) $55.58 0.00%
Caterpillar Inc. (CAT) $305.86 0.00%
Walt Disney Co. (DIS) $88.84 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
S&P 500 - Risers
Vertex Pharmaceuticals Inc. (VRTX) $495.20 2.31%
Ross Stores Inc. (ROST) $131.46 1.70%
Dollar Tree Inc (DLTR) $67.96 1.11%
CME Group Inc. (CME) $271.27 1.08%
PepsiCo Inc (PEP) $152.66 0.85%
Mondelez International Inc. (MDLZ) $68.08 0.75%
Monster Beverage Corp (MNST) $59.73 0.13%
Copart Inc. (CPRT) $56.68 0.08%
Vornado Realty Trust (VNO) $33.87 0.00%
Gen Dynamics Corp. (GD) $269.62 0.00%
S&P 500 - Fallers
Micron Technology Inc. (MU) $67.74 -17.84%
Apache Corp. (APA) $15.63 -11.89%
Brighthouse Financial, Inc. (BHF) $49.54 -9.91%
Diamondback Energy Inc. (FANG) $127.75 -9.58%
Western Digital Corp. (WDC) $31.00 -9.22%
United Airlines Holdings Inc (UAL) $54.72 -9.15%
Nektar Therapeutics (NKTR) $0.55 -8.81%
CH Robinson Worldwide Inc (CHRW) $92.87 -8.62%
American Airlines Group (AAL) $9.00 -8.07%
Wynn Resorts Ltd. (WYNN) $67.18 -7.81%
Nasdaq 100 - Risers
Vertex Pharmaceuticals Inc. (VRTX) $495.20 2.31%
Ross Stores Inc. (ROST) $131.46 1.70%
Dollar Tree Inc (DLTR) $67.96 1.11%
Mondelez International Inc. (MDLZ) $68.08 0.75%
Monster Beverage Corp (MNST) $59.73 0.13%
Asml Holdings N.V. (ASML) $623.30 0.01%
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%
Cerner Corp. (CERN) $0.00 0.00%
Dish Network Corp. (DISH) $5.77 0.00%
Maxim Integrated Products Inc. (MXIM) $0.00 0.00%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $67.74 -17.84%
Qvc Group Inc Series A (QVCGA) $0.15 -11.45%
Western Digital Corp. (WDC) $31.00 -9.22%
JD.com, Inc. (JD) $36.58 -8.33%
American Airlines Group (AAL) $9.00 -8.07%
Wynn Resorts Ltd. (WYNN) $67.18 -7.81%
Baidu Inc. (BIDU) $82.84 -7.75%
Intel Corp. (INTC) $20.88 -6.91%
Trip.com Group Limited (TCOM) $57.18 -6.57%
Lam Research Corp. (LRCX) $61.13 -6.26%
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