Overseas markets also slid Friday. In overnight trading in Asia, Tokyo's Nikkei 225 lost 2.8%, while South Korea's Kospi sank 0.9%. Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday's sell-offs in Asia.

Two days after sending the global economy reeling by announcing tariffs on foreign imports, President Donald Trump insisted his trade policies will “NEVER CHANGE” as he remained ensconced in a bubble of wealth and power in Florida.

The market reacted the past two days to Trump's Wednesday announcement that a 10% baseline tariff on imported goods goes into effect Saturday.

China said on Saturday "the market has spoken" in rejecting U.S. President Donald Trump's tariffs, and called on Washington for "equal-footed consultation" after global markets' dramatic reaction to the trade levies,

Nasdaq also sinks more than 1,000 points as investors fret over the potential economic impact of President Trump's latest tariffs.

Markets are facing their worst crisis since the COVID crash after China matched President Donald Trump’s big raise in tariffs following the president's "liberation day" announcement.

Tariffs up to 54% now apply to imports from more than 180 countries—including many of America’s top trade partners.

Stocks dropped sharply for a second day after China set retaliatory tariffs countering President Trump's own steep import duties.

StubHub, which filed for an IPO in March, decided to delay a meeting scheduled next week with prospective investors after the S&P 500 dropped by nearly 5% on Thursday, and the company was concerned about launching an IPO while the U.S. markets were volatile, the Journal reported.

Fed's Powell said the economy is in "good place," and officials must keep inflation controlled. His remarks suggest the possibility of fewer rate cuts