Stocks fell deeper into the red on Friday, with the sell-off pulling equities to levels not seen since the Covid-19 pandemic in 2020. Here’s a look at where things stand with less than hour left of trading:

• The Dow Jones Industrial Average plummeted 2,027 points, or 5%, marking its biggest pullback since June 2020.
• The S&P 500 was 5.8% lower, also marking its biggest decline since June 2020.
• The Nasdaq Composite slipped 5.6%, and was also 22% below its record-high set in December, which indicates a bear market.

— Brian Evans

Even in a broad market selloff on Friday, some equity sectors are significantly underperforming the index.

In late afternoon trading, the S&P 500 energy sector was down 8.6%, according to FactSet. A decline in oil prices is likely contributing to the the selling for that group. Meanwhile, economically sensitive financials dropped 7%.

Stocks tied to oil and energy demand were underperforming the broader market on Friday.

Meanwhile, industrials and materials had declines of about 6% each.

The relative safehaven on the day is consumer discretionary, but even that beaten-down group has shed 3.6% on Friday.

— Jesse Pound

While equities melted down during Friday’s trading session, bitcoin held its own, last rising approximately 1.8%, according to Coin Metrics.

Jeff Kilburg, founder and CEO of KKM Financial, pointed to the cryptocurrency’s outperformance as proof that investors may be unduly punishing stocks.

“The equity markets are overreacting,” he told CNBC in an interview. “Bitcoin has kind of been a beacon of risk … if it was truly correlated to the NASDAQ — as it has been the last two, three quarters, if not year — bitcoin should be at $60,000, but it’s not. So I think there’s a lot of dispersion, which creates a ton of opportunity.”

Kilburg added that uncertainty has been the driving force behind Friday’s selloff.

“Right now, the bears are completely in control, as long as we have no visibility, no transparency, no idea,” he said. “And the most frightening thing, which I think is cracking confidence, is that you can change things with one tweet.”

— Lisa Kailai Han

Evercore ISI thinks China’s retaliatory response to U.S. tariffs had one objective: put more pressure on the U.S. equity market.

“It has become a full-on tariff war between the U.S. and China with Beijing, to our surprise … Beijing pulled the trigger earlier since it used to announce responses on the effective dates of U.S. tariffs. Not all makes sense,” Neo Wang, the firm’s China strategist, wrote in a Friday note to clients.

“This earlier-than-expected announcement looks on purpose to inflict further damage on U.S. stock market while China is on holiday Friday and market closed,” Wang said.

Beijing’s measures may not be entirely sound, however, and could impact negotiations between China and the U.S., according to the firm. Read more here in CNBC Pro.

— Pia Singh

Bitcoin held its head above water after China retaliated against President Donald Trump’s tariffs, while stocks continued to crater following their worst day since 2020.

The price of the flagship cryptocurrency was last higher by 2% at $83,463.72 on Friday, according to Coin Metrics. Most of the flagship cryptocurrencies were also in the green Friday. XRP and Solana gained 3% each and dogecoin jumped 6%.

Crypto-related stocks fell again, however, with Coinbase down about 8% and MicroStrategy down more than 1%. Meanwhile, spot gold fell 2.6% to $3,038.50 an ounce, while U.S. gold futures were down 2.9% at $3,020.79.

“Tariffs do affect the cost for U.S. builders, where inflation and higher goods cost make all this more expensive, presumably encouraging more capital flows and investment to Asia,” said James Davies, CEO at crypto derivatives trading platform Crypto Valley Exchange. “The tariffs are reshaping global trade away from the U.S., reducing dollar reliance, changing funding rates and decoupling the U.S. … they impact everything, but crypto is robust. As its decentralized nature indicates, it should be a winner from this, even if the outcome for U.S.-domiciled crypto entities is much less clear.”

For more, read our full story here.

— Tanaya Macheel

Multiple technology firms have delayed going public as President Donald Trump’s contentious tariff rollout batters the stock market.

Klarna and StubHub have both pushed back their initial public offerings due to recent market turmoil, a source familiar with the matter told CNBC. Both had filed IPO prospectuses in recent weeks.

The Wall Street Journal also reported Friday, citing sources, that Chime had kicked filling financials with regulators down the road. That also means the financial technology company was holding off on its IPO.

— Alex Harring, Annie Palmer, Leslie Picker

Former Goldman Sachs CEO Lloyd Blankfein speaks during Goldman Sachs analyst impact fund competition at Goldman Sachs Headquarters in New York City, U.S., November 14, 2023.

Brendan McDermid | Reuters

Former Goldman Sachs CEO Lloyd Blankfein believes President Donald Trump should let countries negotiate his newly announced “reciprocal” tariff rates.

“The switchboard at the WH must be burning up with gov’ts trying to surrender in this trade war. Why not give them a chance?” Blankfein said Friday in a post on X.

He added that Trump should allow the 10% baseline tariff to remain but delay the “reciprocal” tariffs by six months.

“Take the win! The Prez said he’d make us tired of winning…I’m there now!” he also said.

— Sean Conlon

The stock market may seen more pain ahead, according to Bob Doll, president of Crossmark Global Investments.

“I’m not convinced we’ve yet seen the lows in the equity market,” Doll said Friday on CNBC’s “Squawk on the Street”

“At some point, we will get a tradable rally,” he said. “But we’re not out of the woods.”

Doll said he’s “beginning to lean against the wind” when it comes to investments. As an example, he said he would sell some Nvidia shares and buy Coca-Cola instead.

He also said “economic weakness is for sure coming.” The probability of a recession has risen to 50% from 25% at the start of the year, he added.

— Alex Harring

U.S. Federal Reserve Chair Jerome Powell speaks at a press conference on April 4, 2025. 

Kelli An | CNBC

Stock averages were not helped by comments from Federal Reserve Chair Jerome Powell, who said in a speech in Arlington, Virginia, that the central bank would wait and see the effect of President Trump’s tariff blitz before making a move on rates.

“Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem,” Powell said in prepared remarks. “We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy.”

Powell noted that the announced tariffs were “significantly larger than expected.”

“The same is likely to be true of the economic effects, which will include higher inflation and slower growth,” he said. “The size and duration of these effects remain uncertain.”

The Dow was last down more than 1,300 points, extending losses as Powell spoke. The 10-year Treasury yield was at 3.94%.

— John Melloy, Jeff Cox

Rick Rieder, BlackRock Senior Managing Director, Chief Investment Officer of Global Fixed Income, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.

Adam Jeffery | CNBC

Rick Rieder, BlackRock’s global fixed income chief investment officer, said tariffs created a sea change in economic activity and corporate America’s confidence.

“The world has changed, and the economic conditions have changed. Indeed, this can be dramatically witnessed in the recent decline in CEO confidence,” he said in a note. “And for multinationals, and small businesses, tariffs are dramatically influencing confidence in hiring, spending on capital expenditures, research and development, and potential mergers and acquisitions.”

The widely followed bond chief said Friday’s jobs report had little relevance to where hiring and economic confidence are headed over the coming months and quarters.

— Yun Li

The technology-heavy Nasdaq Composite pulled back nearly 6% as of 10:51 a.m. ET on Friday.

If the index closes at this level, that represents a more than 21% fall from its record close in December and will confirm a bear market for the Nasdaq.

— Brian Evans

CNBC’s Jim Cramer ripped into the White House for the effect that its tariff policy is having on the stock market.

“I struggle for what the president’s game plan is because if you wanted to make the market crash, I think you would go with this game plan,” Cramer said on “Squawk on the Street.” “I don’t like that game plan. I do not favor that. … It’s very disappointing.”

Cramer, who runs the CNBC Investing Club, added, “It should not be in our country’s interest to have the market crash.” He also said, “I respect our viewers’ 401(k) and IRA, and I don’t want them to be hurt for no reason because that’s their bedrock and we don’t want them to stop [investing].”

— Kevin Stankiewicz

The stock market graphic of the Estée Lauder Companies is seen displayed on a smartphone with a logo of the Estée Lauder Companies in the background.

Igor Golovniov | Lightrocket | Getty Images

The number of declining stocks far outpaced those going higher Friday, as investors ran for safety following China’s tariff retaliation. More than 17 New York Stock Exchange-listed stocks pulled back for every one advancer, FactSet data shows. Overall, 2,494 stocks fell, while only 143 were higher.

— Fred Imbert

Traders work on the floor of the New York Stock Exchange on April 4, 2025.

Spencer Platt | Getty Images News | Getty Images

Selling pressure continued at the opening bell on Friday, with investors continuing to show signs of worry over Trump’s escalating trade war.

The Dow Jones Industrial Average fell 1,024 points, or 2.5%. The Nasdaq Composite fell 3.1%, while the S&P 500 lost 2.8%.

— Brian Evans

Petrochemical names Dow and LyondellBasell Industries could see some losses following President Trump’s new reciprocal tariffs announcement, according to JPMorgan.

Shares of Dow and LyondellBasell pulled back more than 3% and more than 2%, respectively, in the premarket after analyst Jeffrey Zekauskas downgraded both names to neutral from overweight. His updated price target for Dow implies more than 1% downside ahead, while his updated target for LyondellBasell reflects about 5% downside, as of Thursday’s close.

“It will be difficult for Dow and Lyondell to lift prices to widen out margins from current levels in the context of global economic deceleration and lower oil prices,” he wrote in a Friday note. “The EBITDA of Dow or Lyondell can fall sharply under recessionary conditions as can their share prices.”

Zekauskas also noted that China is a top destination of U.S. polyethylene exports, meaning the tons of that plastic that are exported to the country, as well as to Europe, might be adversely affected by retaliatory tariffs. On Friday, China announced a 34% tariff on all goods imported from the U.S. in response to Trump’s new duties. Those retaliatory measures are set to take effect April 10.

DOW vs. LYB, 6-month

The stocks have already seen a substantial pullback in recent months. Dow shares have plummeted more than 43% over the past six months and more than 21% year to date. Meanwhile, LyondellBasell shares have slid almost 35% over the past six months and more than 15% in 2025.

— Sean Conlon

An attendee visits the FDNY recruiting table during a job fair at the YMCA Gerard Carter Center in the Stapleton Heights neighborhood of the Staten Island borough in New York City on March 27, 2025.

Michael M. Santiago | Getty Images

The U.S. economy added more jobs than expected in March, with payrolls growing by 228,000. Economists polled by Dow Jones expected an increase of 140,000 jobs.

Investors largely looked past the report as worries over an escalating trade war overshadowed the employment figures.

— Fred Imbert

This week should see yet another market pullback amid global trade tensions, but worse could also be in store, according to Peter Boockvar, chief investment officer of Bleakley Financial Group.

“The stock market and the economy are tied at the hit. If the stock market continues to fall, if that negatively impacts upper income consumer spending, then you are going to dramatically raise the odds of a recession because it’s happening at the same time that government spending — which, as I mentioned has been a huge boost to economic growth — is slowing the pace of its spending,” Boockvar said Friday on CNBC’s “Squawk Box.”

“So there aren’t that many stools left that the economy can sit on if we lose the stock market and if we lose upper income spending,” he added.

On the other hand, Boockvar mentioned that a stock market rally could happen if courts block the Trump administration’s tariffs.

— Pia Singh

Chinese customers visit an Apple Store in Hong Kong.

Marcio Rodrigo Machado | S3studio | Getty Images

Apple shares tumbled another 5% in premarket trading after China announced retaliatory tariffs against the U.S.

The tech stock is set to add to a 9% decline Thursday after China said it will impose a 34% tariff on all goods imported from the U.S. starting April 10.

China accounts for around 80% of Apple’s production capacity, with about 90% of iPhones assembled in the country, according to estimates from Evercore ISI.

China criticized Washington’s decision to impose 34% of additional reciprocal levies on China — bringing total U.S. tariffs against the country to 54% — as “inconsistent with international trade rules.”

— Yun Li

The CBOE Volatility Index, known as the VIX, jumped more than 9 points to 39.60 Friday morning. This marked the index’s highest level since the yen carry trade unwinding in August 2024.

The VIX is commonly referred to as Wall Street’s fear gauge. It measures future expectations of volatility through S&P 500 stock options.

CBOE Volatility Index on Friday

The 10-year Treasury yield fell sharply again on Friday, breaking below the 4% level.

Shortly after 7 a.m. ET, the benchmark Treasury yield was down 17 basis points to 3.882%. A basis point is equal to 0.01 percentage points. Bond prices move opposite of yields.

The 10-year Treasury yield fell below 4% on Friday.

The rally for bonds could be a sign that investors who are selling stocks are shifting their money to assets that are traditionally safer.

— Jesse Pound

China’s finance ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S. starting April 10 in the wake of duties imposed by U.S. President Trump’s administration earlier this week, according to state news outlet Xinhua.

The news sent U.S. stock futures tumbling to their session lows.

— Ruxandra Iordache

Europe’s Stoxx 600 index was 1.67% lower at 9:13 a.m. U.K. time, on track for a third straight day of sharp losses.

Banking stocks dropped 5.7%, while mining stocks lost 3.7%. The food and beverage sector bucked the trend to jump 1.1%.

Germany’s DAX index was last down 1.74%, while the U.K.’s FTSE 100 and France’s CAC 40 were both around 1.3% lower.

Stoxx 600 index.

After Thursday’s steep sell-off, the three major indexes are on track to finish the week squarely in the red.

The Nasdaq Composite and S&P 500 have tumbled 4.5% and 3.3%, respectively, week to date. Both the Nasdaq and S&P 500 are tracking for their worst weekly performances since September 2024 and sixth negative week of the last seven.

The Dow has slid 2.5% this week.

— Alex Harring

Shoppers look at eggs at an Amazon Fresh grocery store in Federal Way, Washington, on Dec. 12, 2024.

David Ryder | Getty Images

When markets get agitated, investors flee for what they know: snacks, groceries and utilities.

Consumer staples and utilities, traditionally defensive corners of the market, are on pace for positive weeks. Staples are up 2.4% week to date, while utilities are on track for a 1.2% advance.

Big winners among consumer staples include potato producer Lamb Weston, which surged 10% on Thursday and is on track for a 10% pop this week. The company caught a tailwind from fiscal third-quarter results that surpassed consensus estimates, per StreetAccount. The top bands of its full-year earnings and revenue guidance also topped the Street’s estimates.

One-day chart for Lamb Weston

Dollar General, which is on track for a 9.7% week-to-date jump, and supermarket giant Kroger, up 6% this week, are also big winners in the staples category.

Among utilities, Exelon Corporation is the top performer this week, up 5.6% thus far. American Water Works and Duke Energy follow, both on pace to rise 3.9% during the period.

To sweeten the deal for investors, not only did these names survive Thursday’s sell-off, but they are also all dividend payers. Consider that Exelon and Duke offer dividend yields in excess of 3%, while Dollar General and Lamb Weston have dividend yields that top 2%.

— Darla Mercado

Traders work at the post where GameStop is traded on the floor at the New York Stock Exchange on June 12, 2024.

Brendan McDermid | Reuters

Shares of GameStop climbed nearly 3% in extended trading after a regulatory filing revealed CEO Ryan Cohen bought more shares of his video game retailer.

Cohen increased his stake to 37.3 million shares from 36.8 million shares. The meme stock dropped 7% Thursday amid a broad market sell-off triggered by Trump’s tariff rollout.

GameStop recently raised $1.3 billion through the sale of convertible senior notes due in 2030 to buy bitcoin. The stock is down more than 32% this year.

— Yun Li

The odds of a global recession will rise to 60% if President Donald Trump’s tariff plan goes forward as initially presented, according to Bruce Kasman, chief economist at JPMorgan.

Kasman previously had the likelihood set at 40%.

“We are not making immediate changes to our forecasts and want to see the initial implementation and negotiation process that takes hold. However, we view the full implementation of announced policies as a substantial macroeconomic shock not currently incorporated in our forecasts,” he wrote to clients in a Thursday note. “We thus emphasize that these policies, if sustained, would likely push the [U.S.] and possibly global economy into recession this year.”

— Alex Harring

Dow futures were down shortly after 6 p.m. ET.