by David French

New York (Reuters) – The New York Stock Exchange unscrewed on Friday for the second consecutive day in reaction to the trade war launched by Donald Trump and the response announced by China.

The Dow Jones index sold 2,231.07 points, or 5.50%, to 38,314,86 points.

The wider S & P-500 lost 322.44 points, or 5.97%, to finish at 5,074.08 points, its lowest level in eleven months.

The Nasdaq Composite fell from 962.82 points or 5.82% to 15,587.79 points, displaying a drop of more than 20% compared to its last closing peak at 20,173.89 points on December 16, which brings it technically into downstream territory (“Bear Market”).

The three large clues of Wall Street record their strongest decrease in two days since the upheavals caused by the Pandemic of COVVI-19 in 2020.

Since Donald Trump unveiled on Wednesday a salvo of import from importance targeting most of the trade partners of the United States, much more aggressive than the markets anticipated, the companies of the S&P 500 have lost more than $ 4,000 billion in market capitalization.

This is a record on two sessions, before the approximately 3.300 billion that had vanished in March 2020 on the markets, according to LSEG data.

Over the past week, the S&P 500 lost 9.1%, the Nasdaq 10%and the DOW 7.9%.

Investors are massively abandoning shares due to increased fears of recession and responses from other countries to Washington protectionist measures.

Beijing announced customs duties of 34% on Friday on all products imported from the United States from April 10 in response to new samples of the same kind decided by Donald Trump against China.

“We are in the middle of the business war for the moment. Anything can happen and this kind of uncertainty is torture for the global markets,” summarizes Mariam Adams, director at UBS Wealth Management.

Wall Street has further accentuated its losses in session after declarations by the president of the federal reserve, Jerome Powell, pointing to the high risks of increase in unemployment and inflation caused by Donald Trump’s decisions.

The boss of the American Central Bank, who reacted publicly for the first time to the measures, judged that they would make monetary policy decisions more difficult.

However, traders continue to anticipate an accommodating policy and a drop in Fed guiding rates of up to 100 base points by the end of 2025 to support the activity.

The JP Morgan investment bank now estimates that 60% the risk of a recession by the end of the year, compared to 40% before.

All the sectoral indices of the S&P again plunged on Friday, energy being particularly affected with the sharp drop in oil prices, at the lowest since April 2021.

Chinese companies listed in the United States such as JD.com, Alibaba and Baidu dropped by more than 7.7%.

Societies strongly dependent on China have also suffered. Apple, most of whose iPhone production is based in China, continued its tumble (-7.3%), as are semiconductor manufacturers.

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(Jean-Stéphane Brosse for the )

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