U.S. stocks were mauled Thursday, with the S&P 500 (SP500) closing in a correction as President Donald Trump's reciprocal tariffs stoked fears of a global trade war. “Markets, caught off guard by the severity of Trump’s tariffs,

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20% from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

Wall Street fell sharply for a second straight session on Friday, pushing the Nasdaq toward a bear market, after China imposed fresh tariffs on all U.S. goods in response to the Trump administration's sweeping levies,