Here are the most important news items that investors need to start their trading day:
1. Red wave
A Specialist trader works at his post on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 3, 2025.
Brendan Mcdermid | Reuters
U.S. stocks headed for another freefall Friday after markets suffered their worst day since 2020, as President Donald Trump’s wave of new tariffs threatened to pummel the global economy. Equities plunged on Thursday after Trump threw up stifling trade barriers and economic partners around the world retaliated. The S&P 500 shed 4.8%, falling back into a correction, or more than 10% lower than its February all-time high. The Dow Jones Industrial Average dropped about 4%. The tech-heavy Nasdaq Composite took the biggest hit among the major indexes, tumbling roughly 6%. The drop in stock futures worsened Friday after China announced retaliatory tariffs of 34% on imports from the U.S. The 10-year U.S. Treasury yield tumbled as investors moved to the safe-haven asset due to fears of an economic slowdown. As trade conflicts fuel fears about a recession in the U.S. and around the world, the U.S. will release its March jobs report Friday morning. Follow live market updates.
2. ‘Going very well’
U.S. President Donald Trump reacts before boarding Marine One, while departing the White House en route to Florida, in Washington, D.C., U.S., April 3, 2025.
Carlos Barria | Reuters
As global equity markets roiled and recession worries spiked Thursday, Trump appeared unbothered by the plunge. He said he thought the reaction to his tariffs was “going very well,” and contended stocks and the economy will “boom.” It remains to be seen whether the global reaction will force Trump to ease up on the tariffs. He told reporters Thursday that he is open to negotiating the duties with other countries – contradicting White House aides who have insisted he will not bend on the levies. The Trump administration, U.S. companies and world leaders will continue reacting to the trade conflict throughout the day. Follow live tariff updates here.
3. Economy on edge
The U.S. employment report for March comes at a precarious moment for the economy. Trump’s steeper-than-expected tariffs have only added to worries about rising prices and lower consumer confidence. Layoffs in March hit their highest level since the pandemic, driven by Trump and advisor Elon Musk’s push to slash federal government payrolls. Though job growth has slowed, it has remained solid through the early months of the year. Economists polled by Dow Jones expect nonfarm payroll growth of 140,000 for March, along with an unchanged unemployment rate of 4.1%.
4. Powell’s predicament
U.S. President Donald Trump and U.S. Federal Reserve Chair Jerome Powell.
Win McNamee | Annabelle Gordon | Reuters
5. TikTok, on the clock
A general view of the offices of TikTok, as the site faces an April 5 deadline to reach a deal to find a non-Chinese buyer under threat of being banned from the United States, in Culver City, California, U.S., April 2, 2025.
Daniel Cole | Reuters
Tariffs this week have overshadowed a deadline in another key piece of the economic conflict between the U.S. and China. TikTok faces a possible shutdown in the U.S. on Saturday if ByteDance, its China-based parent company, does not find a U.S. buyer for its American operations. Companies and wealthy investors have submitted a flurry of last-minute bids for the social media platform, including Amazon and AppLovin. TikTok has become a massive hub for e-commerce, making it an appealing asset for Amazon.
– CNBC’s Brian Evans, Alex Harring, John Melloy, Ruxandra Iordache, Sawdah Bhaimiya, Kevin Breuninger, Jeff Cox and Annie Palmer contributed to this report.
