There was no reprieve from Thursday’s massive sell-off, as Friday saw even larger declines for the S&P 500. The benchmark US stock index fell 6%, the Nasdaq 100 dropped 6.1%, and the Russell 2000 slumped 4.4% on the day.

So ends the worst week for the S&P 500 since March 2020, near the bottom of the Covid-induced bear market.

Trading volumes across all US exchanges set a record on Friday, as did the number of put options that changed hands.

The number of stocks in the S&P 500 that fell outnumbered gainers by 475, the most since March 2023. Every S&P 500 sector ETF fell at least 4%, with energy leading the way down.

The US no longer has any $3 trillion companies, as Apple fell out of that cohort with today’s retreat.

China ratcheted up the trade war by unveiling retaliatory tariffs on US goods, weighing on US companies with big exposure to the world’s second-largest economy and serving as a drag on shares of Chinese companies listed in the US. Intel’s outperformance on Thursday gave way to a double-digit loss on Friday as its exposure to China becomes a sore spot for the company in light of those retaliatory tariffs.

OPEC+’s plans to return even more oil to global markets in May, coupled with the demand shock from tariffs, sent the likes of Exxon, Chevron, and ConocoPhillips reeling.

The dealmaking and IPO pipeline is running dry in light of market conditions, with Klarna pausing its plans to go public. Bank stocks like JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley were all throttled and underperformed the broad market.

Boeing stock fell to levels not seen since the doors of its 737 were consciously uncoupling from its body mid-flight.

However, there was a glimmer of light on the hopes for these trade barriers to be dialed back: Nike and Lululemon surged as President Trump touted progress on coming to a deal with Vietnam.