U.S. stock futures fell sharply on Friday, signaling more losses on Wall Street, after China retaliated with fresh tariffs a day after the Trump administration's sweeping levies knocked off $2.4 trillion from U.S. equities.

The Labor Department report at 8:30 a.m. ET is expected to show U.S. job growth slowed in March amid mass firings of public sector workers to slash federal government spending and reluctance by businesses to increase hiring because of import tariffs.

Focus will also be on Fed Chair Jerome Powell's speech at 11:25 a.m. ET for clues on the path of interest rates.

Market Snapshot

At 7:40 a.m. ET, S&P 500 e-minis were down 175.25 points, or 3.23%. Nasdaq 100 E-minis fell 650.5 points, or 3.48% and Dow e-minis dropped 1300 points, or 3.19%.

Pre-Market Movers

The Magnificent Seven Stocks - Microsoft, Tesla, Nvidia, Apple, Amazon.com, Meta Platforms, and Alphabet—shed $1.03 trillion in market cap on Thursday, the largest one-day market cap decline on record.

Apple - Apple, down 9.3% on Thursday, lost $313.5 billion in market cap, the iPhone maker’s worst one-day market cap decline ever. The drop Thursday also marked the largest percent decrease since March 16, 2020, when the stock dropped nearly 13%. Apple took a hit Thursday because of itsdependence on Chinese manufacturing. Tariffs on goods made in China were set at a combined 54%, although the Trump administration gaveconflicting messagesabout the exact figure. Apple fell 6.2% in premarket trading.

Tesla - Tesla declined 7.7% in premarket trading after the maker of electric vehicles slumped 5.5% on Thursday and ended a two-session winning streak.The decline Thursdayfollowed a 5.3% gain on Wednesday’s for the stock even as Tesla’s first-quarter delivery numbers disappointed. Coming into Friday, Tesla shares have dropped 34% this year.

Nvidia - Nvidia, the leading maker of artificial-intelligence chips,fell 6.2% ahead of the stock market open Friday. The stock closed Thursday down 7.8%, the largest percentage decrease since March 3, leaving the stock at its lowest levels since last summer when there were fears about delays to the rollout of Nvidia’s Blackwell hardware. The stock’s slump on Thursday came even as the White House said tariffs on Taiwan of 32% wouldn’t apply to chips. Nvidia’s chips are mostly manufactured in Taiwan.

And Amazon.com fell 7.5%, Meta and Microsoft fell 5%, Alphabet fell 4%.

Fellow chip makers AMD, Qualcomm, and Broadcom were dropping in premarket trading. On Thursday, AMD fell 8.8%, Qualcomm dropped 9.5%, and Broadcom tumbled 11%.

Intel - Intel was down 6.5% after rising earlier after the Information reported the semiconductor company and TSMC reached a preliminary agreement to form a joint venture to operate Intel’s chipmaking. TSMC would take a 20% stake in the new company while Intel and other U.S. semiconductor companies will hold a majority of the shares, the report said.

GameStop - GameStop slipped 1.6% after CEO Ryan Cohen increased his stake in the videogame retailer. Cohen purchased 500,000 shares on Thursday at $21.55 a share in the open market, according to regulatory filing. The purchase increased Cohen’s stake in GameStop to about 8.4% of the shares outstanding. GameStop shares fell 7% on Thursday.

Chinese ADRs - Chinese ADRs sank in premarket trading. Direxion Daily FTSE China Bull 3X Shares (YINN) fell 18%; Alibaba and JD.com fell 10%; XPeng fell 9%; PDD Holdings fell 8%; Baidu and NIO fell 7%.

Market News

China to Impose Tariffs of 34% on All US Goods from April 10

China on Friday announced a slew of additional tariffs and restrictions against U.S. goods as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump.

The Finance Ministry said it would impose additional tariffs of 34% on all U.S. goods from April 10.

Beijing also announced controls on exports of medium and heavy rare-earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium to the United States, effective April 4.

Trump Open to Tariff Cuts in Return for “Phenomenal“ Offers

President Donald Trump said he was open to reducing his tariffs if other nations were able to offer something “phenomenal,” indicating that the White House was open to negotiations despite the insistence of some top officials.

Trump, speaking on Air Force One on Thursday, broadly defended his tariff program despite a stock market meltdown, saying he was happy that interest rates were falling and believed that the economic turbulence would settle.

“The tariffs give us great power to negotiate,” Trump said, adding that “every country has called us.”