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US stocks fell Friday as investors weighed mixed messages from the Federal Reserve and grappled with the potential implications of President Trump's additional tariffs set for April 2.

The Dow Jones Industrial Average (^DJI) dipped 0.6%, while the S&P 500 (^GSPC) dropped 0.5%. The tech-heavy Nasdaq Composite (^IXIC) fell around 0.5%.

The S&P 500 and Nasdaq, both of which have entered into correction territory in a downbeat start to 2025, are trying to snap four-week losing streaks.

Most of their gains came as Wall Street rallied following the Fed's decision on Wednesday, buoyed by the central bank staying the course for two more rate cuts this year . Chair Jerome Powell also reassured investors that the economic impact of Trump's trade war seemed manageable, adding that recession risks remain low.

Read more: The latest on Trump's tariffs

However, by Thursday, the underbelly of the Fed's decision started to weigh on Wall Street, sending stocks lower . The central bank had updated its projections to reflect higher inflation and lower economic growth, two concerns that have deeply rattled markets as more tariffs loom.

The next major deadline for Trump's trade policy is less than two weeks away. Trump has given himself broad leeway to negotiate with countries in the meantime, adding to Wall Street's sense that despite some reassurances this week, only more uncertainty lies ahead. But on social media Friday, he hyped up what he is referring to as "Liberation Day."

More companies are saying they are feeling the effects. FedEx ( FDX ) and Nike ( NKE ) stocks plummeted early Friday as investors reacted to fresh concerns over tariffs and economic uncertainty. FedEx shares dropped after the company slashed its fiscal 2025 forecast, fueling fears about slowing industrial demand.