Nasdaq Falls Into Correction As Tariffs Roil Wall Street: What's Moving Markets Friday?

All three major indices were red in Friday’s midday trading, with the S&P 500 and Nasdaq 100 down 1% and 1.24%, respectively, and on track for their worst weeks since September 2024. The Nasdaq fell into correction territory on Friday after dropping more than 10% below its peak in February.

Tariff announcements and uncertainty roiled markets throughout the week. President Donald Trump on Thursday suspended all tariffs on products covered by the North American trade agreement until April 2, though it had little effect on market volatility.

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"The stock market is moving in lockstep with tariff headlines, and that is likely to keep volatility very elevated for the foreseeable future, as the market does not like uncertainty," said Glen Smith, chief investment officer at GDS Wealth Management, per CNBC.

"While we expect the market to find its footing and recover from the tariff-driven selloff, investors should brace for continued choppiness until these uncertainties clear," Smith added.

The yield on the 10-year US Treasury note dipped to the 4.23% mark on Friday after a softer-than-expected February jobs report added to concerns of a slowing U.S. economy. The BLS nonfarm payrolls report showed the U.S. added 151,000 jobs in February, below market expectations of 160,000, as tracked by Trading Economics. The unemployment rate ticked unexpectedly higher to 4.1%, above the 4.0% expected. 

The iShares 20+ Year Treasury Bond ETF TLT rose 0.6% to $90.94.

Bitcoin BTC/USD fell back below $90,000 after President Donald Trump signed an executive order establishing a strategic Bitcoin reserve on Thursday. The President’s crypto summit will be held at the White House later on Friday with the potential for additional catalysts for cryptocurrencies.

Wall Street now looks ahead to next week’s inflation data, JOLTS job openings report and preliminary figures for the Michigan consumer sentiment index. 

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY dropped 0.84% to $567.87.
• The SPDR Dow Jones Industrial Average DIA was down 0.61% at $423.31.
• The tech-heavy Invesco QQQ Trust Series QQQ slid 1.17% to $482.49.
• The iShares Russell 2000 ETF IWM was down 1.35% to $202.50.
• The Consumer Discretionary Select Sector SPDR Fund XLY fell 2.28% to $201.35. 
• The Energy Select Sector SPDR Fund XLE rose 1.28% to $87.06. 

Broadcom, Inc. AVGO shares moved higher Friday after the company reported better-than-expected first-quarter financial results and strong forward guidance.

Stocks reacting to company earnings reports included: 

• Costco Wholesale Corp. COST
• Hewlett Packard Enterprise Co. HPE
• Funko, Inc. FNKO  
• Broadcom Inc. AVGO
• Reliance Global Group, Inc. RELI
• Serve Robotics Inc. SERV
• Algonquin Power & Utilities Corp. AQN
• Genesco Inc. GCO

Companies reporting on Monday include:

• Oracle Corp. ORCL
• Vail Resorts, Inc. MTN
• Asana, Inc. ASAN
• BioNTech SE BNTX
• Grupo Supervielle S.A. SUPV
• Hesai Group HSAI
• Redwire Corp. RDW

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