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Credit ratings giant S&P Global has said it is reviewing all its macro economic forecasts in the wake of Donald Trump's sweeping world trade tariffs this week, a move likely to fuel concerns of a renewed wave of credit score downgrades. The firm, whose ratings judge the creditworthiness of thousands of companies and more than 130 countries, said the scope and size of U.S. President Trump's new tariffs had exceeded most expectations.

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.

Airline stocks were among the hardest hit by Donald Trump's tariff announcement. Demand has been waning, but analysts expect airfares to rise.

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, escalating a global trade war. The Nasdaq Composite fell 3.69% to 15,940.08 by 09:41 a.m. ET, shedding 20% from its all-time closing high touched in December. If the index closes below that mark, it would confirm a bear market.

The markets are spooked, the Fed's in a jam, a trade war is brewing, and recession chatter is growing louder.

Investors are looking for signs the selling in the U.S. stock market may have reached a crescendo, but say that the check marks are not yet all ticked and there is room for further pain. President Donald Trump's announcement of sweeping tariffs on Wednesday extended U.S. stocks' selloff this year with the S&P 500 down 12% from its February record high and the tech-heavy Nasdaq index down 18% - close to being in a bear market. "We're definitely not at 'get me out!' levels," Steve Sosnick, chief strategist at Interactive Brokers, said.

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