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Global stocks are falling, extending Thursday's rout, as President Donald Trump's sweeping reciprocal tariffs raised fears of a deepening trade war and recession .

The Stoxx Europe 600 index is more than 2% lower, while Japan's Nikkei and Hong Kong's Hang Seng closed down 2.8% and 1.5%, respectively. China is imposing 34% tariffs on U.S. imports starting April 10 in retaliation for those implemented by the White House, according to the official Xinhua News Agency .

Meanwhile, U.S. stocks futures are plunging ahead of the release of the March jobs report , with Dow Jones Industrial Average futures down about 950 points after tumbling nearly 1,700 points Thursday. The 10-year Treasury yield is at 3.88%. Oil prices are continuing to drop amid a flight from risk and as OPEC and its allies accelerate plans to increase output and unwind supply cuts.

The Magnificent Seven stocks are furthering their Thursday declines in premarket trading, with Apple ( AAPL ), Microsoft ( MSFT ), Alphabet ( GOOGL ), Amazon ( AMZN ), Meta ( META ), Nvidia ( NVDA ), and Tesla ( TSLA ) all down.

"As we look over a three- to six-month horizon, our base case reflects our belief that the effective tariff rate will gradually reduce as economic, political, and business pressure mounts," UBS analysts wrote in a note Friday. "This will nonetheless mean a period of much slower US and global growth and an extended period of market volatility."

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