US Stocks Face Sharp Decline Amid Escalating Trade Tensions

The opening bell on Friday marked a tumultuous start for US stock markets, with major indices plunging as global equities reeled from China's latest tariffs on US goods. This move by Beijing has intensified concerns over a potential recession and the broader implications of the ongoing trade dispute between the United States and other leading economies.

Market Reactions and Key Losers

The Dow Jones Industrial Average saw a dramatic drop of 2.34%, with Caterpillar Inc. leading the downturn with a 6.12% fall. Similarly, the Nasdaq 100 and the S&P 500 experienced significant losses, declining by 2.65% and 2.4%, respectively. Notably, HealthCare Technologies suffered a steep 15.92% drop on both indices.

Currency Movements Amidst Market Volatility

On the currency front, the euro weakened against the dollar, slipping 0.30% to trade at $1.10208 by 9:28 am ET, reflecting the broader market unease.