Major Market Downturn as Trade Worries Escalate

Investor anxiety over impending tariffs and the broader implications of a trade war sent U.S. stock markets into a sharp decline on Friday. The Dow Jones Industrial Average experienced a significant drop, losing 721 points, or 1.7%, by 1:06 pm ET. Similarly, the Nasdaq 100 and the S&P 500 weren't spared, with declines of 2.57% and 1.97%, respectively.

Consumer Confidence Adds to the Gloom

A recent report highlighting a dip in consumer confidence further dampened the mood, contributing to the day's losses. Meanwhile, the euro saw a slight increase against the dollar, trading at $1.08196 at 1:07 pm ET, up by 0.18%.

More updates to follow as the situation develops.