The Dow Jones Industrial Average dropped 542.40 points, or 1.23%, closing at 43,588.58. The S&P 500 shed 1.60% to end at 6,238.01, while the Nasdaq Composite dipped 2.24% and settled at 20,650.13.

Dow Jones was down 1.3% at the time of writing, declining 560 points, while the S&P 500 index tumbled 1.5% and the Nasdaq 100 index was down 1.8%.

U.S. stocks slumped on Friday, with the S&P on track for its biggest daily percentage decline in more than three months as new U.S. tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure.