US stocks plummet after China’s retaliatory levies in response to Trump tariffs

US stocks opened sharply lower on Friday, with the Nasdaq Composite heading into a bear market, after China imposed fresh tariffs on all US goods in response to the Trump administration’s sweeping levies, escalating a global trade war.

The tech-heavy Nasdaq IXIC dropped more than 20 per cent from its all-time closing high touched in December, putting it on course to confirm a bear market.

The S&P 500 SPX lost 134.05 points, or 2.48 per cent, to 5,262.47 points, while the Nasdaq Composite IXIC lost 473.16 points, or 2.86 per cent, to 16,077.44. The Dow Jones Industrial Average DJI fell 994.46 points, or 2.45 per cent, to 39,551.47.