• The Dow Jones Industrial Average fell 724.42 points, or 2.93 percent, to 23,957.89, the S&P 500 lost 68.24 points, or 2.52 percent, to 2,643.69, and the Nasdaq Composite dropped 178.61 points, or 2.43 percent, to 7,166.68.
The losses marked the biggest daily percentage drop for each of the major indexes since Feb. 8, when the Dow and S&P confirmed a market correction from their Jan.26 highs.
U.S. stocks slumped on Thursday as President Donald Trump’s move to impose tariffs on up to $60 billion of Chinese imports drove fears about the impact on the global economy, fueling the biggest percentage declines in Wall Street’s three major indexes since they entered correction territory six weeks ago.
• “There’s too much negative sentiment right now,” said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston. “It’s possible that it will be rough sledding for a while. I don’t see anything on the horizon that will reassure people that things are just great.”
• S&P 500 e-mini futures fell 0.33 percent late on Thursday after U.S. President Donald Trump tweeted that he was replacing his national security advisor.
Trump tweeted that he was replacing National Security Advisor H.R. McMaster with John Bolton, a hawk who has advocated using military force against Iran and North Korea, and a hard line against Russia.
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• Asian markets slumped early on Friday, tracking sharp falls in U.S. and European stocks, which took a hit on fears of a potential trade war.
In Tokyo, the Nikkei 225 fell 2.97 percent in the morning and the broader Topix lost 2.43 percent, with its 33 sectors trading lower across the board. The materials and financials sectors were among the biggest losers.
• Major exporters were also downbeat, with Toyota falling 2.57 percent and Sony losing 3.02 percent.
• Meanwhile, Seoul's benchmark Kospi index lost 2.09 percent, with broad losses seen in the early going. Technology names fell sharply, with heavyweight Samsung Electronics sinking 2.67 percent.
Reference: Reuters, CNBC
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