Dow crashes 2,200 points and Nasdaq falls into bear market territory as stocks extend selloff after Powell signals no imminent rate cuts

A trader runs on the floor of the New York Stock Exchange at the opening bell (Credit: CHARLY TRIBALLEAU—AFP/Getty Images)

• The stock market continued its collapse Friday as the Nasdaq fell into a bear market amid the fallout from President Donald Trump’s hefty “Liberation Day” tariffs. China matched the U.S. by imposing 34% retaliatory tariffs on U.S. imports. Amid the market turmoil, Trump called on Jerome Powell to cut interest rates, but the Fed chief dampened hopes for an imminent cut.

The stock market continued to plummet Friday following the worst single-day sell off since 2020 on Thursday after President Donald Trump’s “Liberation Day” tariffs sparked fear of a global trade war that could lead the U.S. into a recession.