Stock market today: Dow, S&P 500, Nasdaq futures crater after China announces first retaliatory tariffs

The yield on the 10-year Treasury (^TNX) fell below 4% on Friday morning as investors flocked to bonds amid trade-war and recession fears.

The benchmark yield fell as much as 15 basis points to 3.88%, the lowest level since President Trump took office. The move came after China announced retaliatory tariffs on US imports in reaction to Trump’s sweeping reciprocal tariffs earlier this week.

Fears of a global slowdown or recession gripped investors after Trump set steeper-than-expected tariffs on US trading partners, sending the stock market into a tailspin.

Trump’s announcement on Wednesday brought levies against Chinese made imports to 54%. Analysts believe those levies will impact a variety of goods, including clothing, toys, and electronics.