China imposes retaliatory tariffs on US goods, US unemployment rises, stock market sharply declines

From Yahoo Finance: 2025-04-05 12:10:00

Near noon, major averages sharply decline after China retaliates with 34% tariffs on all U.S. goods post-tariff. U.S. nonfarm payrolls rise by 228,000, but unemployment rate ticks higher. Oil prices drop due to planned OPEC+ output increase, gold prices fall below $3,100.

Top stock news includes Booking Holdings upgraded to Buy, Nordstrom downgraded to Sell, JPMorgan cuts Tesla estimates, Dow Inc. downgraded to Neutral, and BTIG downgrades Upwork.

Around the web, Ford extends employee discounts, Stellantis extends employee-discount program, Nio lays off employees in Europe, Meta’s Llama 4 AI model delayed, and Oracle hacked for old client log-in credentials.

GameStop rises after CEO buys 500K shares, BCE gains on upgrade, Toyota falls due to covering suppliers’ higher costs, DuPont China investigated for monopolistic practices, and Renovaro slips after merger termination with Predictive Oncology.

Indexes show Dow down 3.52%, Nasdaq down 3.87%, and S&P 500 down 3.96% near midday. Source: TheFly.

Read more: China announces retaliatory tariffs, U.S. unemployment rises: Morning Buzz