Later in the afternoon, Federal Reserve Chair Jerome Powell reiterated that further, gradual interest rate hikes will best promote the inflation and employment goals and said some indicators are showing there's still slack in the labor market. Losses were led by Caterpillar ( CAT ) and Boeing ( BA ) amid worries that industrials will be hit in a U.S.-China trade dispute. U.S. stock markets plunged on Friday, renewing widespread selling pressure and stemming a three-day winning streak as investors fretted again about the prospects of a trans-Pacific trade war and as March payrolls came in below analysts' estimates.