UPDATED with closing prices. U.S. stock markets went from bad to worse Friday, accelerating declines throughout the trading day to finish deeply in the red amid the shock of Donald Trump‘s tariff regime.

The Dow Jones Industrial average fell 2,231.07 points, or 5.5%, to officially enter correction territory (meaning the blue-chip index is now more than 10% below its high). The Nasdaq and S&P 500 each plunged nearly 6%. The tech-heavy Nasdaq has fallen enough to be classified as being in a bear market, more than 20% below its high point. One of the Nasdaq’s crown jewels, Amazon, had its worst week since 2022 and the tech giant’s nine-week streak of weekly declines is its worst since 2008.

The two-day swoon for the markets was the worst since the Covid panic of March 2020. On-air personalities on CNBC and other financial outlets commenting on the free-fall invoked October 1987, when the Black Monday crash was preceded by dramatic drops on the preceding Thursday and Friday.

Donald Trump’s sweeping tariffs, especially a 34% measure added to already-steep levies on China, has been the cause of the swoon. China also delivered an ominous signal to the market early Friday, saying it would retaliate by matching the 34% tariff on U.S. goods, rather than engaging in negotiations, as Trump and other officials had encouraged nations to do.

Media shares were not spared from the reckoning. The declines were everywhere, with only AMC Entertainment lighting up green, up a fraction of a percentage point. (CinemaCon trade or another Reddit-led retail revolt? Hard to say.) Notable decliners included Disney (-6%); Warner Bros. Discovery (-12%); Comcast (-6.6%); Fox (-4%); and Nexstar (-8%). In the tech sector, Apple fell 7%, Meta dipped 5%, Amazon was off 4% and Roku gave back 8%.

For the first time, Federal Reserve Chair Powell weighed in on the tariffs, calling them “higher than anticipated.” While he added that it is “too soon to say” what course should be taken to respond to the market meltdown. The focus of Powell and the Fed is expected to shift from cooling inflation to trying to prevent a broader cratering of the economy, which had been in solid shape before Trump’s actions.

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As Donald Trump’s tariffs showed increasing signs of escalating a trade war with China and perhaps several other nations, U.S. stock markets fell sharply for a second straight day Friday.

The Dow Jones Industrial Average fell 1,300 points and the S&P 500 and Nasdaq each declined by almost 4% in early trading. The drop followed a Thursday market session that was the worst since the Covid panic of 2020 for the Nasdaq and S&P. Individual shares of large companies were hammered to an unusual extent as investors reacted to sweeping and higher-than-expected tariffs.

Losses weren’t quite as dire as on Thursday for media and tech stocks, but the morning still signaled a glum end to a turbulent week. Apple shed 3%, Meta was off 4%, Disney fell 4% and Warner Bros Discovery was off by 7%. Amazon slipped just 1%, while Netflix tumbled 5%.

China indicated that it would impose a 34% tariff on U.S. goods, matching the newest 34% one slapped on China by Trump. China’s defiant stance has sparked fears that countries will retaliate rather than negotiating with the U.S.

Trump unveiled the tariffs Wednesday in a meandering White House Rose Garden news conference. Futures markets began sinking as he was talking. A baseline 10% reciprocal tariff was put in place on all trading partners, with varying country-specific rates. China, India, Taiwan, Thailand and Vietnam are slated to be hit with tariffs of 34%, 26%, 32%, 36%, and 46%, respectively. The European Union also faces a 20% tariff. The measures will take effect in stages over the next week.

One of the odder sights on the board Friday was the green number for Newsmax, which stood out in a sea of red. The pro-Trump TV news network, which had its IPO earlier this week, rose 5% and has shot up more than 500% since going public. Rudy Giuliani, the disgraced former Trump lawyer and ex-New York City mayor, was on hand Thursday to help ring the opening bell at the New York Stock Exchange along with other Newsmax backers.