A trade dispute between the U.S. and China led to a significant drop in U.S. stocks on Friday, marking the worst session since April. The Dow Jones Industrial Average plummeted nearly 900 points, while the Nasdaq and S&P 500 fell 3.5% and 2.7%, respectively. The NYSE and Nasdaq will operate normally on Columbus Day, while the bond market will be closed. President Trump is considering canceling a meeting with Chinese President Xi Jinping after China’s new export controls announcement. Trump threatens to impose tariffs of 100% on China starting November 1, 2025. Gold prices climbed above $4,000, hitting record highs and gaining about 50% this year. Investors turned to defensive stocks like McDonald’s, Coke, and Pepsi amid the market turmoil. Trade war concerns also weighed on oil prices, pushing them below $60 per barrel. Energy giants Exxon Mobil, Chevron, and Conoco Phillips all saw declines in response to the trade tensions.

Read more at Yahoo Finance: Stocks fall as US-China trade war reignites after Trump threatens tariff hike