The Dow Jones Industrial Average and other major stock indexes plummeted again Friday as China retaliated against President Donald Trump's tariffs, sparking trade war fears. The March jobs report topped estimates, while a speech from Federal Reserve Chairman Jerome Powell was up next.
Big early losers on the stock market today included Apple, Nvidia and Tesla.
Early Friday, China hiked tariffs on U.S. goods by 34%, according to state media. That's in response to President Trump's 34% tariff hike on Chinese goods announced Wednesday, bringing his total hikes on China products this year to 54%.
China stocks were hammered in morning trading, as Alibaba, Baidu and PDD all tumbled.
After the opening bell, the Dow Jones Industrial Average plunged 1,100 points, or 2.7%. S&P 500 futures tumbled 3.1%. Tech-heavy Nasdaq 100 futures lost 3.3%.
Among exchange traded funds, the Invesco QQQ Trust fell 3.3%, while the SPDR S&P 500 ETF lost 3% after the open.
The 10-year Treasury yield tumbled to 3.92% early Friday. And oil prices dropped further, as West Texas Intermediate futures traded near $62 per barrel.
Apple, which plunged 9.3% Thursday, is sharply below the 200-day line. Shares of the iPhone maker sold off another 2.7% Friday morning.
Tesla stock skidded 6% in morning action Friday. Shares of the Elon Musk-led company are around 45% off their record high of 488.54, reached on Dec. 18. Tesla stock remains stuck below its 200-day moving average line and set to extend Thursday's big losses.
Meanwhile, Nvidia stock tumbled 5% in Friday's morning trading, as the artificial intelligence giant tumbled to its lowest level since early August.
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Stock Market Today: Jobs Report, Powell Speech
The Labor Department reported that the U.S. economy added 228,000 jobs in March, topping estimates. It was expected to have added 131,000 jobs last month, down modestly from February's 151,000 increase, according to Econoday estimates. The unemployment rate ticked higher to 4.2%, meeting estimates, and up from February's 4.1%.
Finally, Fed Chair Powell is scheduled to speak about the economic outlook at 11:25 a.m. ET Friday at the Society for Advancing Business Editing and Writing annual conference in Virginia.
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Dow Jones, Major Indexes Dive
In response to the Trump tariffs, blue chips on the Dow Jones Industrial Average tumbled 4% on Thursday, breaking down below its long-term 200-day moving average. The S&P 500 plunged 4.8%, while the Nasdaq composite plummeted 6%. And the small-cap Russell 2000 sold off 6.6%.
Following big losses in recent sessions, now is an important time to read IBD's The Big Picture column for how to handle the current market and to track the updated exposure level.
Among the best companies to watch in the current stock market are Heico, Ollie's Bargain Outlet, NetEase and Spotify Technologies.
Along with Apple and Nvidia, Dow Jones components making notable moves this week were Amazon.com, Microsoft and Coca-Cola.
Check out IBD MarketSurge's "Breaking Out Today" list for top growth stocks that are moving above correct buy points. Check for potential breakouts on the "Near Pivot" list. To find additional stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
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Dow Jones Stocks: Warren Buffett Holding Breaks Out
Dow Jones component and Warren Buffett holding Coca-Cola is trying to break out past a 73.22 buy point in a cup with handle, according to MarketSurge chart analysis. Shares dropped 1.5% in morning action Friday.
Outside the Dow, IBD Leaderboard stock Ollie's Bargain Outlet broke out past a 115.42 buy point in a double bottom this week and is just above the entry. Shares lost 2.6% Friday.
Recent IBD Stock Of The Day Heico is below a 270.37 entry in a cup with handle, as shares were down 1.2% Friday.
Chinese internet leader NetEase is holding just below a 105.93 early entry as it builds a flat base with a 110.15 entry. NetEase tumbled 5% Friday morning.
Finally, music streaming giant Spotify has formed a cup with handle that has a 621.20 buy point. Spotify stock declined 5% in early action Friday.
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Stock Market: Companies To Watch
These are four stocks in or near buy zones in Friday's stock market, including a Dow Jones leader.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Life Time | 32.85 | Cup with handle | |
| Travelers | 269.56 | Flat base | |
| Heico | 270.37 | Cup with handle | |
| Ollie's Bargain Outlet | 115.42 | Double bottom |
Source: IBD Data as of April 2
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Dow Jones Leaders: Amazon, Microsoft
Magnificent Seven stocks are back near their recent lows following heavy selling pressure this week. Dow Jones component Amazon hit a fresh recent low during Thursday's losses. And Amazon stock lost more than 5% early Friday.
Finally, software giant Microsoft fell more than 2% Friday. Shares had reached a new 52-week closing low Thursday, and undercut that Friday.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
