Global Markets See Worst Drop Since 1997 Mimicking Black Monday Like Crash, Crude Oil Tumbles

On Friday, April 4th, U.S. markets closed sharply lower, marking Wall Street’s second consecutive day of steep losses. The Nasdaq officially entered a bear market, while the Dow slipped into correction territory amid intensifying global trade tensions.

President Trump’s sweeping tariffs sparked fears of a global recession, erasing trillions in market value. Investor panic surged as volatility spiked, and world leaders scrambled to coordinate responses to the escalating trade conflict.

In economic data, March U.S. nonfarm payrolls jumped by 228,000, beating forecasts and the recent average. February’s figure was revised down to 117,000. Unemployment rose slightly to 4.2%, against expectations of no change. Average hourly earnings grew 0.3% month-over-month and 3.8% year-over-year, just below the 3.9% forecast.

Most S&P 500 sectors fell Friday, led by financials, energy, and tech, amid heightened volatility, while consumer staples rose as investors turned to defensive assets.

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