(NEW YORK ) — Another increase in trade tensions has stocks falling sharply Friday as the U.S. considers an even larger set of tariffs on imports from China and the two countries exchange pointed statements. Technology companies and banks are taking some of the worst losses.

Stocks have changed direction again and again this week as investors tried to get a sense of whether a trade dispute between the two nations will escalate, an outcome that could have major consequences for the global economy. The market didn’t get any help from a March jobs report that was weaker than expected.

The Dow Jones industrial average fell dropped 581 points, or 2.4 percent, to 23,916 as of 2:15 p.m. Eastern time. Earlier it fell as much as 620 points.

The S&P 500, which many index funds track, lost 53 points, or 2 percent, to 2,608. The Nasdaq composite slid 135 points, or 1.9 percent, to 6,940. The Russell 2000 index of smaller-company stocks dipped 29 points, or 1.9 percent, to 1,513.

The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, has swung dramatically this week, with about 1,300 points separating its highest and lowest marks. It fell as much as 758 points Monday, then recovered all of those losses, and late Thursday it was up as much as 519 points for the week. It’s down 0.7 percent for the week.

The administration spent the past few days reassuring investors that it’s not rushing into a trade war, and China’s government has done the same. But late Thursday, President Donald Trump ordered the U.S. Trade Representative to consider placing tariffs on $100 billion in duties on Chinese imports. China said it would “counterattack with great strength” if he that happens.

Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning.

At the start of the week, the U.S. announced plans to put tariffs on $50 billion in goods imported from China, and the Chinese government responded with measures of equal size. Stocks plunged on Monday, but they rallied over the next few days as officials from both countries said they were open to talks and that the tariffs might never go into effect.

With administration officials sounding conciliatory one day and more hostile the next and the president always quick to fire off another tweet, investors simply don’t know what the U.S. wants to achieve, said Katie Nixon, chief investment officer for Northern Trust Wealth Management.

“The process itself seems to be quite chaotic,” she said. “We’re not quite sure what the long term strategy is.”

Still, she said businesses support the idea of making changes in America’s trade relationship with China. But even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty.

Technology companies make a lot of their sales in Asia and they have struggled as Wall Street worries about a slowdown in global economic growth. Optimism about the world economy has helped many tech companies make huge gains in the last year.

Apple skidded $3.46, or 2 percent, to $169.34 and Cisco Systems declined 98 cents, or 2.4 percent, to $40.84. PayPal dipped $2.63, or 3.4 percent, to $74.32.

Industrial companies might face the worst pain from tariffs, as they could find themselves dealing with higher costs for components imported into the U.S. while the duties on their goods in China harm their sales.

Caterpillar, a construction equipment maker, shed $584, or 3.9 percent, to $142.29 while farm equipment company Deere sank $5.56, or 3.7 percent, to $145.79. Aerospace giant Boeing dipped $12.20, or 3.6 percent, to $324.20.

Health care companies also declined. Johnson & Johnson sank $2.99, or 2.3 percent, to $127.72 and health insurer UnitedHealth dropped $59, or 2.6 percent, to $223.18.

Employers added 103,000 jobs in March, which is weaker than the last few months. The Labor Department also said fewer jobs were added in January and February that it initially estimated. The unemployment rate remained low and the job market looks fundamentally healthy, but it’s possible some employers are struggling to find workers.

Benchmark U.S. crude dropped $1.17, or 1.8 percent, to $62.37 a barrel in New York while Brent crude, used to price international oils, lost 92 cents, or 1.3 percent, to $67.41 per barrel in London. Oil prices have also been volatile this week, as investors wonder if an increase in trade tensions will reduce demand for oil by slowing down the global economy.

Bond prices rose, sending yields lower. The yield on the 10-year Treasury fell to 2.78 percent from 2.83 percent. The lower yields mean banks can’t make as much money from lending, and that send bank stocks lower. JPMorgan Chase fell $3.23, or 2.9 percent, to $108.65 and BB&T lost $1.89, or 3.6 percent, to $51.

Gold rose $7.60 to $1,336.10 an ounce. Silver edged up 1 cent to $16.36 an ounce. Copper fell 2 cents to $3.06 a pound.

The dollar fell to 106.86 yen from 107.12 yen. The euro rose to $1.2287 from $1.2256.

Germany’s DAX was down 0.5 percent while France’s CAC-40 fell 0.3 percent lower. The FTSE 100 in Britain lost 0.2 percent.

Japan’s benchmark Nikkei 225 index dipped 0.4 percent while South Korea’s Kospi slipped 0.3 percent but Hong Kong’s Hang Seng rose 1.1 percent after trading resumed following a holiday as investors caught up with the previous day’s global gains.</s>(NEW YORK ) — Another increase in trade tensions has stocks falling sharply Friday as the U.S. considers an even larger set of tariffs on imports from China and the two countries exchange pointed statements. Technology companies and banks are taking some of the worst losses.

Stocks have changed direction again and again this week as investors tried to get a sense of whether a trade dispute between the two nations will escalate, an outcome that could have major consequences for the global economy. The market didn’t get any help from a March jobs report that was weaker than expected.

The Dow Jones industrial average fell dropped 581 points, or 2.4 percent, to 23,916 as of 2:15 p.m. Eastern time. Earlier it fell as much as 620 points.

The S&P 500, which many index funds track, lost 53 points, or 2 percent, to 2,608. The Nasdaq composite slid 135 points, or 1.9 percent, to 6,940. The Russell 2000 index of smaller-company stocks dipped 29 points, or 1.9 percent, to 1,513.

The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, has swung dramatically this week, with about 1,300 points separating its highest and lowest marks. It fell as much as 758 points Monday, then recovered all of those losses, and late Thursday it was up as much as 519 points for the week. It’s down 0.7 percent for the week.

The administration spent the past few days reassuring investors that it’s not rushing into a trade war, and China’s government has done the same. But late Thursday, President Donald Trump ordered the U.S. Trade Representative to consider placing tariffs on $100 billion in duties on Chinese imports. China said it would “counterattack with great strength” if he that happens.

Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning.

At the start of the week, the U.S. announced plans to put tariffs on $50 billion in goods imported from China, and the Chinese government responded with measures of equal size. Stocks plunged on Monday, but they rallied over the next few days as officials from both countries said they were open to talks and that the tariffs might never go into effect.

With administration officials sounding conciliatory one day and more hostile the next and the president always quick to fire off another tweet, investors simply don’t know what the U.S. wants to achieve, said Katie Nixon, chief investment officer for Northern Trust Wealth Management.

“The process itself seems to be quite chaotic,” she said. “We’re not quite sure what the long term strategy is.”

Still, she said businesses support the idea of making changes in America’s trade relationship with China. But even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty.

Technology companies make a lot of their sales in Asia and they have struggled as Wall Street worries about a slowdown in global economic growth. Optimism about the world economy has helped many tech companies make huge gains in the last year.

Apple skidded $3.46, or 2 percent, to $169.34 and Cisco Systems declined 98 cents, or 2.4 percent, to $40.84. PayPal dipped $2.63, or 3.4 percent, to $74.32.

Industrial companies might face the worst pain from tariffs, as they could find themselves dealing with higher costs for components imported into the U.S. while the duties on their goods in China harm their sales.

Caterpillar, a construction equipment maker, shed $584, or 3.9 percent, to $142.29 while farm equipment company Deere sank $5.56, or 3.7 percent, to $145.79. Aerospace giant Boeing dipped $12.20, or 3.6 percent, to $324.20.

Health care companies also declined. Johnson & Johnson sank $2.99, or 2.3 percent, to $127.72 and health insurer UnitedHealth dropped $59, or 2.6 percent, to $223.18.

Employers added 103,000 jobs in March, which is weaker than the last few months. The Labor Department also said fewer jobs were added in January and February that it initially estimated. The unemployment rate remained low and the job market looks fundamentally healthy, but it’s possible some employers are struggling to find workers.

Benchmark U.S. crude dropped $1.17, or 1.8 percent, to $62.37 a barrel in New York while Brent crude, used to price international oils, lost 92 cents, or 1.3 percent, to $67.41 per barrel in London. Oil prices have also been volatile this week, as investors wonder if an increase in trade tensions will reduce demand for oil by slowing down the global economy.

Bond prices rose, sending yields lower. The yield on the 10-year Treasury fell to 2.78 percent from 2.83 percent. The lower yields mean banks can’t make as much money from lending, and that send bank stocks lower. JPMorgan Chase fell $3.23, or 2.9 percent, to $108.65 and BB&T lost $1.89, or 3.6 percent, to $51.

Gold rose $7.60 to $1,336.10 an ounce. Silver edged up 1 cent to $16.36 an ounce. Copper fell 2 cents to $3.06 a pound.

The dollar fell to 106.86 yen from 107.12 yen. The euro rose to $1.2287 from $1.2256.

Germany’s DAX was down 0.5 percent while France’s CAC-40 fell 0.3 percent lower. The FTSE 100 in Britain lost 0.2 percent.

Japan’s benchmark Nikkei 225 index dipped 0.4 percent while South Korea’s Kospi slipped 0.3 percent but Hong Kong’s Hang Seng rose 1.1 percent after trading resumed following a holiday as investors caught up with the previous day’s global gains.</s>NEW YORK (Reuters) - U.S. stocks dropped about 2 percent on Friday, with the Dow falling more than 570 points, as U.S. President Donald Trump’s latest tariff threat on Chinese imports fueled increasing concern over a U.S. trade war with China.

Stocks added to losses and hit session lows in afternoon trading after Federal Reserve Chairman Jerome Powell said the U.S. central bank will likely need to keep hiking interest rates to keep inflation under control and said it was too soon to know if rising trade tensions would hit the U.S. economy.

Fears of a trade war since Trump announced tariffs on steel and aluminum imports more than a month ago have kept investors on edge over concerns that such protectionist measures would hit global economic growth.

“It’s a reaction to concerns about the administration’s approach to trade. The market has vacillated between writing it off as just talk and assuming there could be a serious problem,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

He and others said investors also appeared to be reducing risk ahead of the weekend.

“If the market is down it often tends to accelerate on Friday. Investors don’t want to take the risk of coming in Monday after having something happen over the weekend,” Meckler said.

Trump late Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a “fierce counter strike”.

U.S. companies seen as more likely to be hit by trade tensions with China were among the biggest drags on the Dow, including Boeing (BA.N), down 3.1 percent. The S&P; 500 industrials index .SPLRCI, down 2.7 percent, had the biggest losses among sectors, though selling was broad-based.

Chipmakers, which as a group rely on China for about a quarter of their revenue, also declined. The Philadelphia semiconductor index .SOX fell 3.1 percent.

A trader on the floor of the New York Stock Exchange watches the stock market drop on his screen shortly before the closing bell in New York, U.S., April 6, 2018. REUTERS/Lucas Jackson

The Dow Jones Industrial Average .DJI fell 572.46 points, or 2.34 percent, to 23,932.76, the S&P; 500 .SPX lost 58.37 points, or 2.19 percent, to 2,604.47 and the Nasdaq Composite .IXIC dropped 161.44 points, or 2.28 percent, to 6,915.11.

The trade war worries continued to pressure stocks even as Trump administration officials sought to dampen concerns. Trump’s top economic adviser Larry Kudlow said in various interviews that he learned of the new tariffs on Thursday night, but also said there are ongoing talks on trade between the United States and China.

U.S. Treasury Secretary Steve Mnuchin in an interview on CNBC said he was cautiously hopeful the United States will reach an agreement with China on trade.

The S&P; 500 ended just above its 200-day moving average after trading well below that key support level that is watched by technical analysts.

Powell, who was speaking on the U.S. economic outlook in Chicago, also said the labor market appeared close to full employment. It was his first speech on the economic outlook since taking over as chairman on Feb. 5.

Before the session started, a Labor Department report showed nonfarm payrolls increased by a smaller-than-expected 103,000 last month. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve’s 2-percent target.

“There was a hope that if he had a more dovish tone that that might be a counterbalance to the trade headwinds out there,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

For the week, the S&P; 500 was down 1.4 percent, the Dow was down 0.7 percent and the Nasdaq was down 2.1 percent.

Facebook (FB.O) share were down 1.3 percent. It backed for the first time proposed legislation requiring social media sites to disclose the identities of buyers of online political campaign ads and introduced a new verification process for people buying “issue” ads, which have been used to sow discord online.

Slideshow (4 Images)

Declining issues outnumbered advancing ones on the NYSE by a 3.77-to-1 ratio; on Nasdaq, a 3.59-to-1 ratio favored decliners.

The S&P; 500 posted two new 52-week highs and seven new lows; the Nasdaq Composite recorded 40 new highs and 64 new lows.

About 7.2 billion shares changed hands on U.S. exchanges. That compares with the 7.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.</s>April 6 (Reuters) - U.S. stock futures dropped on Friday after the United States and China renewed their trade spat, underpinning fears that the tit-for-tat actions could spiral into a trade war, and ahead of a closely watched monthly jobs data.

Globally, stock markets edged downward after President Donald Trump threatened to slap an additional $100 billion in tariffs on Chinese goods and Beijing warned it would fight back "at any cost" with fresh trade measures.

At 7:30 a.m. ET, Dow e-minis were down 206 points, or 0.84 percent. S&P 500 e-minis were down 21.25 points, or 0.80 percent. Nasdaq 100 e-minis were down 62 points, or 0.94 percent.

Shares of Boeing, the single largest U.S. exporter to China, fell 2.4 percent, leading the losses among big U.S. manufacturers. Caterpillar fell 2.1 percent and Deere dropped 1.2 percent.

Twenty-nine of the 30 Dow Jones Industrial Average components were trading premarket - all in the red. More than 110 S&P 500 stocks were lower, led by chipmakers, which as a group rely on China for about a quarter of their revenue.

Facebook, Amazon, Netflix and Alphabet - the FANG group - were down between 1.3 percent and 2.3 percent, while Apple fell 1.5 percent. These stocks have a heavy influence on major indexes.

The list of decliners were similar to Wednesday, when the United States and China announced tariffs on $50 billion of each others' imports.

After being roiled for most of that day, Wall Street staged a strong comeback to close higher after Trump's top economic adviser Larry Kudlow said the administration was in a "negotiation" with China rather than a trade war.

Trump's latest salvo injected a fresh dose of nervousness into the market, already jittery ahead of U.S. jobs data for March for indications of economic health and the future path of interest rate hikes.

Nonfarm payrolls probably increased by 193,000 jobs last month, according to a Reuters survey of economists, lower than the 313,000 increase in February and the 242,000 average of the past three months. The data is due at 8:30 a.m ET (1230 GMT).

The unemployment rate is forecast to fall to 4 percent. Average hourly earnings are expected to have risen, with the annual increase rising to 2.7 percent, but staying below the 3-percent that economists say is needed to lift inflation toward the Federal Reserve's 2-percent target.

Recent economic data has indicated an improving economy, which, coupled with the U.S. tax overhaul, has boosted investors optimism about the upcoming earnings season. First-quarter earnings growth is expected to be the highest in seven years.

Investors will also tune into Fed Chairman Jerome Powell's speech at an event later in the day for signs the central bank could raise rates more than the expected two more times this year. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)</s>NEW YORK >> Stocks are skidding after the U.S. and China each proposed tariffs on goods exported by the other, a move that increased investors’ worries about a trade dispute that could slow down global commerce. The market has recovered some of its losses after a sharp drop at the start of trading, but industrial and large technology companies are still falling.

The Chinese government announced plans to impose tariffs of 25 percent on a list of more than 100 U.S. goods worth $50 billion, including soybeans, the largest U.S. export to China, and aircraft. The duties are in retaliation for U.S. plans to raise duties on a similar amount of Chinese goods.

The tariffs could drive up costs for companies that make airplanes and machinery. Automakers are targets as well. Beijing’s list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.

The S&P 500 index fell 9 points, or 0.3 percent, to 2,605 as of 11:35 a.m. Eastern time. The Dow Jones industrial average dropped 154 points, or 0.6 percent, to 23,880. The Nasdaq composite declined 7 points, or 0.4 percent, to 6,933. The Russell 2000 index of smaller-company stocks flat

The tariffs do not take effect immediately. The Chinese Commerce Ministry said the effective date depends on whether the U.S. actually moves to raise its duties. The Trump administration on Tuesday released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, subject to potential tariffs to protest Beijing’s alleged theft of U.S. technology. China’s envoy to the WTO said Beijing would challenge the U.S. moves.

Industrial companies were rocked. Aerospace company Boeing shed $11.99, or 3.6 percent, to $318.83. Farm equipment maker Deere lost $6.84, or 4.5 percent, to $146.20 and construction equipment maker Caterpillar fell $3.66, or 2.5 percent, to $141.40. Large technology companies also struggled. They led the market higher throughout 2017 and 2018 but have fallen out of favor during the recent turmoil. Facebook slid $4.75, or 3 percent, to $151.36 and Microsoft sank 98 cents, or 1.1 percent, to $88.73. Online retailer Amazon gave up $26.17, or 1.8 percent, to $1,365.88.

The Dow fell as much as 501 points early on, but the losses eased a bit as some winners emerged. Investors bought consumer products companies and other stocks that pay large dividends. Hormel Foods jumped $1.56, or 4.6 percent, to $35.78 and Kellogg gained $1.32, or 2.1 percent, to $64.69. Homebuilders rose a following strong quarterly report from Lennar, which gained $3.88, or 6.8 percent, to $60.97. D.R. Horton added 9cents, or 2.2 percent, to $43.83.

European stocks also fell sharply. Germany’s DAX fell 0.6 percent while the FTSE 100 in Britain slipped 0.4 percent.

Hong Kong’s Hang Seng slumped 2.2 percent with the decline accelerating in the final minutes of trading after Beijing announced specifics of its tariff hikes. Most other Asian indexes had closed before China announced its response to the U.S. tariff plans.

The biggest worry for investors is that an escalating trade war will derail a global economy that has gotten to a point where it’s largely growing in unison. The U.S. economy has been humming along with a strong job market, while Brazil just last year emerged from its punishing recession and growth in the euro area has reached its highest level in a decade. The global economy is expected to grow 3.9 percent this year, which would be its strongest showing in seven years, according to the International Monetary Fund.

But economists say a trade war would drag down growth for the U.S. and other countries in a number of ways. Barriers to trade would obviously hurt U.S. exporters. But they could also hurt U.S. companies or individuals that don’t do any exporting, if they have to pay higher costs for imported products. If the higher costs causes inflation to accelerate, central banks could be forced to raise interest rates more quickly, which would put another drag on economic growth.

Oil prices also turned lower as investors contemplated the possibility that slower economic growth will mean less demand for fuel. U.S. crude fell 92 cents, or 1.4 percent, to $62.59 a barrel in New York while Brent crude, used to price international oils, fell 91 cents, or 1.3 percent, to $67.21 a barrel in London.

The market has alternated between big losses and sharp recoveries as investors worry about the trade tensions, as well as controversies surrounding technology companies like Facebook. The S&P 500 has fallen more than 4 percent since March 1, the day President Donald Trump said he intended to place tariffs on steel and aluminum imports.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.77 percent. The price of gold jumped 0.6 percent, to $1,345.40 an ounce.

The dollar slipped to 106.30 yen from 106.61 yen. The euro rose to $1.2300 from $1.2267.

AP Business Writers Stan Choe contributed from New York and Kelvin Chan contributed from Hong Kong.</s>NEW YORK — Stocks are sinking again after the U.S. and China each announced tariffs on goods exported by the other, a move that increased investors’ worries over a trade dispute that could slow down global commerce. The Dow Jones industrial average fell as much as 501 points as industrial and large technology companies took some of the worst losses.

The Chinese government issued a $50 billion list of more than 100 U.S. goods including soybeans, the largest U.S. export to China, and aircraft targeted for a possible 25 percent tariff hike. The duties could drive up costs for companies that make airplanes and machinery as well as airlines, and automakers are targets as well. Beijing’s list reflects its sensitivity to American complaints that it pressures foreign companies to hand over technology.

The Chinese Commerce Ministry said the date the tariff hikes take effect depends on whether the U.S. actually moves to raise its duties. Late Tuesday the Trump administration outlined proposed tariffs on a similar amount of Chinese goods. It released a list of 1,300 imported Chinese products, including industrial robots and telecoms gear, to protest Beijing’s alleged theft of U.S. technology. China’s envoy to the WTO said Beijing would challenge the U.S. moves.

The S&P 500 index fell 31 points, or 1.2 percent, to 2,582 as of 9:45 a.m. Eastern time. The Dow Jones industrial average dropped 428 points, or 1.8 percent, to 23,605. The Nasdaq composite declined 85 points, or 1.2 percent, to 6,856. The Russell 2000 index of smaller-company stocks retreated 14 points, or 1 percent, to 1,497.

Industrial companies were rocked. Aerospace company Boeing shed $14.07, or 4.3 percent, to $316.75. Farm equipment maker Deere lost $7.35, or 4.8 percent, to $145.69 and construction equipment maker Caterpillar fell $4.82, or 3.3 percent, to $140.24. Large technology companies also struggled. They led the market higher throughout 2017 and 2018 but have fallen out of favor during the recent turmoil. Facebook slid $3.35, or 2.1 percent, to $152.76 and Microsoft sank $1.40, or 1.6 percent, to $88.31. Online retailer Amazon gave up $26.81, or 1.9 percent, to $1,364.85.

European stocks also fell sharply. Germany’s DAX fell 1.2 percent while France’s CAC 40 was down 0.9 percent. The FTSE 100 in Britain was 0.5 percent lower.

Hong Kong’s Hang Seng slumped 2.2 percent with the decline accelerating in the final minutes of trading after Beijing announced specifics of its tariff hikes. Most other Asian indexes had closed when China announced its response to the U.S. tariff plans. Japan’s benchmark Nikkei 225 crept 0.1 percent higher but South Korea’s Kospi slid 1.4 percent as the won weakened from the 3 ½ year high it touched against the dollar earlier this week.

After a big drop Monday and a recovery Tuesday, the S&P 500 is down more than 2 percent this week. It’s down almost 5 percent since March 1 as investors have focused on tariffs as well as controversies surrounding technology companies including Facebook.

Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.77 percent. The price of gold jumped 0.7 percent, to $1,347.20 an ounce.

The dollar slipped to 106.34 yen from 106.61 yen. The euro rose to $1.2295 from $1.2267.

A barrel of U.S. crude fell $1.28, or 2 percent, to $62.23 a barrel in New York while Brent crude, used to price international oils, fell $.05, or 1.5 percent, to $67.07 a barrel in London.</s>US stocks extended losses and the S&P 500 hit a session low in Friday afternoon trading after Federal Reserve Chairman Jerome Powell said the US central bank will likely need to keep raising interest rates to keep inflation under control.

In a speech in Chicago on the US economic outlook, Powell said the labor market appeared close to full employment. It was his first speech on the economic outlook since taking over as chairman on Feb. 5.

Stocks already were sharply lower before the comments following President Donald Trump’s latest tariff threat late Thursday on Chinese imports, which revived fears of a trade war between the two countries.

“The market wouldn’t be acting nearly as negative to all the news in general if it would not be in a vulnerable state already,” said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis.

“It’s got higher values, financial liquidity is contracting, you came into the year with a little too much optimism, you got rising rates going on, you got rising inflation fears,” he said.

Trump threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a “fierce counter strike.”

All S&P main indexes were down sharply, but industrials, financials, energy and materials sectors led the declines, with S&P industrials .SPLRCI down 2.7 percent.

The Dow Jones Industrial Average fell 565.49 points, or 2.31 percent, to 23,939.73, the S&P 500 lost 53.08 points, or 1.99 percent, to 2,609.76 and the Nasdaq Composite dropped 134.34 points, or 1.9 percent, to 6,942.21.

Fears of a trade war since Trump announced tariffs on steel and aluminum imports more than a month ago have kept investors on edge over concerns that such protectionist measures would hit global economic growth.

“It’s a reaction to concerns about the administration’s approach to trade. The market has vacillated between writing it off as just talk and assuming there could be a serious problem,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

Before the session started, a Labor Department report showed nonfarm payrolls increased by a smaller-than-expected 103,000 last month. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve’s 2 percent target.</s>US President Donald Trump yesterday ramped up his trade war rhetoric with China, seeking $100 billion in additional tariffs on Chinese products

US President Donald Trump yesterday ramped up his trade war rhetoric with China, seeking $100 billion in additional tariffs on Chinese products. This is in addition to the proposed 25 per cent import tariffs worth $50 billion on some 1,300 Chinese products being imported into the US. On April 3, the US Trade Representative (USTR) had announced the 25 per cent tariffs on imports from China as an initial means to obtain the elimination of policies and practices identified in its investigation.

China retaliated by announcing similar import tariff on American products. Trump said his latest decision for additional tariffs was in response to China's retaliatory action. "Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers. In light of China's unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs," Trump said.

US sanctions hit Putin's allies

The US imposed sanctions on seven Russian oligarchs accused of supporting and profiting from President Vladimir Putin's efforts to undermine western democracies. Senior US officials described the wealthy international businessmen as members of Putin's "inner circle".

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever</s>Asian stocks traded mixed on Friday, as the overnight rally on Wall Street failed to translate after President Donald Trump indicated that more tariffs against China could be in the works.

Still, losses in the region on Friday were slighter compared to the sell-offs on the back of trade news last month.

Trump said late on Thursday during US hours that he has told US trade officials to consider USD 100 billion in extra tariffs against China. The president added that the move would be appropriate given China's "unfair retaliation," although he left the door open for negotiation.

US Trade Representative Robert Lighthizer said those additional tariffs would not be implemented until a public comment process was concluded.

Japan's Nikkei 225 gave up early gains to trade lower by 0.15 percent and the broader Topix was off by 0.09 percent. Meanwhile, South Korea's Kospi slipped 0.28 percent, paring steeper declines seen earlier in the session.

Over in Australia, the S&P/ASX 200 edged down 0.21 percent.

Hong Kong's Hang Seng Index rose 1 percent, shrugging off jitters seen in the rest of the region as markets returned from a one-day holiday. The heavily weighted financials sector traded in positive territory and index heavyweight Tencent rose 2.46 percent.

Meanwhile, US stock index futures tumbled following the latest trade-related development, with Dow Jones industrial average futures falling around 300 points. S&P 500 and Nasdaq futures also came under pressure early during Asia hours.

Earlier, US and European markets had advanced in the last session as trade fears among investors eased in the last session. The Dow rose nearly 1 percent and the pan-European Stoxx 600 surged 2.4 percent on Thursday.

Markets in mainland China, Taiwan and Thailand were closed on Friday.

Investor concerns over recent US-China trade rhetoric have been in focus in the past month. Markets have been on edge over trade tensions potentially triggering a trade war between the two largest economies in the world.

"Capricious policies make for volatile markets," Jack Ablin, chief investment officer of Cresset Wealth Advisors, said regarding Trump's latest statement on tariffs.

China on Wednesday unveiled plans for additional tariffs on 106 US products. That came after the Trump administration released of its list of Chinese imports that could be targeted with proposed tariffs.

Although Trump's Thursday announcement raised concerns that there could be more uncertainty ahead, some in the markets indicated that the move could also be part of Trump's negotiation tactics.

The safe-haven yen firmed following the latest trade comments from Trump. Against the yen, the dollar traded at 107.13 by 9:43 a.m. HK/SIN, off levels around the 107.3 handle before the statement.

The dollar had touched its highest levels against the yen in three weeks in the overnight session amid improved investor confidence on Thursday.

"Markets are digesting the fact that most of the tough trade tariff talk is unlikely to result in action that will upset global growth or even come to fruition," Richard Grace, chief currency strategist and head of international economics at Commonwealth Bank of Australia, said in a morning note regarding the dollar's overnight move higher.

The dollar index, which tracks the US currency against six peers, traded at 90.336.

In corporate news, Samsung Electronics said its first-quarter operating profit was expected to climb 57.6 percent compared to one year ago, Reuters said. The forecast profit of 15.6 trillion won (USD 14.7 billion) was above a Thomson Reuters estimate of 14.5 trillion won.

Samsung stock was last down 0.78 percent.

In economic news, the Reserve Bank of India held policy rates steady and reduced its inflation projection for the six months ending September.

Ahead, investors awaited the release of US March nonfarm payrolls due during US hours. Economists estimated around 193,000 jobs were likely added last month, according to a Reuters poll.</s>(Reuters) - Indian shares rose on Thursday, tracking global equity markets that recovered after fears of a Sino-U.S. trade war eased, with metal stocks such as Hindalco Industries Ltd and banks such as ICICI Bank Ltd among top gainers.

The United States expressed willingness to negotiate a resolution to the trade dispute with China after Beijing retaliated against proposed U.S. tariffs on $50 billion in Chinese goods by targeting key American imports.

Asian shares bounced from two-month lows, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.6 percent.

“All sectors which were impacted yesterday, including metals, are recovering today mainly because the fears of escalation in trade wars have receded, at least for the time-being,” said Deepak Jasani, head of retail research at HDFC Securities.

The Nifty was up 1.34 percent at 10,264.15 as of 0529 GMT, while the benchmark Sensex was 1.28 percent higher at 33,442.73.

The Nifty metal index climbed as much as 4 percent. Hindalco led gains on the NSE index, rising as much as 6.2 percent, and was set to snap four sessions of losses.

Vedanta Ltd gained over 5 percent, while Tata Steel Ltd was up as much as 3.8 percent.

Banking stocks rose ahead of a monetary policy decision by the country’s central bank later in the day, where it is expected to hold interest rates steady.

“The possibilities of a negative or positive surprise in the RBI (Reserve Bank of India) policy are limited. Outlook on growth, inflation and the way RBI perceives the developments abroad will be important to watch out for,” Jasani said.

The Nifty bank index gained as much as 1.6 percent, with State Bank of India and ICICI Bank Ltd up more than 2 percent each.
U.S. stocks drop by about 2 percent in light of U.S. President Donald Trump’s tariff statement yesterday concerning Chinese imports.