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The Nasdaq looked set to confirm a bear market on Friday, down more than 20% from its record high, as China and the U.S. entered a tit-for-tat tariff war that raised recession fears and clouded the outlook for tech companies spearheading the AI revolution. The tech-heavy index, home to six trillion-dollar market cap companies, hit a record closing high of 20,173.89 on December 16, but has struggled since the start of the year. Fears of a potential slowdown in AI spending had pushed it into correction territory earlier last month.

A rout in global stocks continued as Beijing said it would slap additional tariffs of 34% on all U.S. goods, exacerbating worries that a trade war could stoke inflation, dent demand and tip the global economy into a recession. President Donald Trump imposed a 10% tariff on most goods imported into the U.S. earlier in the week and much higher levies on dozens of rivals, especially China.

LONDON (Reuters) -In times of market panic investors tend to rush to the safety of the dollar, but when stocks swooned in response to U.S. tariffs this week, they ran away from it. The dollar, for decades a safe haven, on Thursday fell about 1.7% in its biggest daily drop since November 2022, after President Donald Trump imposed tariffs on imports at levels not seen since the early 1900s. Stock markets also tanked, as tariffs ignited recession worries.

US stocks opened sharply lower Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war.

The major U.S. stock indexes dropped sharply in Friday trading as President Donald Trump's historic tariffs announcement sent shock waves through the global economy.

(Bloomberg) -- There’s virtually nowhere to hide for many US technology companies under President Donald Trump’s new tariff regime, the harshest in a century.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLocal Governments Vie for Fired Federal WorkersLondon Clears Final Hurdle for More High-Speed Trains to EuropeWhat Would ‘Transportation Abundance’ Look Like?After Thursday’s slump wiped $1.4

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