Bloomberg
U.S. stocks took it on the chin Friday, as investors fretted over fresh tariffs announcements by the U.S. and China as well as over a disappointing employment report.
The Dow Jones Industrial Average DJIA, -2.34% fell 2.3%, while the S&P 500 index SPX, -2.19% lost 2.2% and the Nasdaq-100 Index NDX, -2.45% declined 2.3%. The Dow is now down 3.1% year-to-date, with dividends reinvested, while the S&P 500 has had a slight positive return and the Nasdaq-100 is up 3.4%.
The tit-for-tat with tariffs continued as President Trump said late Thursday that he had asked the U.S. Trade Representative to identify a further $100 billion in goods imported from China annually, to potentially be subject to tariffs. This followed the following tariff-related announcements:
• March 1: President Trump announces tariffs on steel and aluminum imports, from which the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea were temporarily exempted.
• April 1: China announces retaliatory tariffs on 120 U.S. food products.
• April 3: The Trump administration announces additional tariffs on 1,300 products made in China and exported to the U.S., to go into effect after a 60-day public commentary period.
April 4: China announces tariffs on 106 American products.
On Friday, National Economic Council Director Larry Kudlow said the Trump administration was taking a moderate approach with China.
Also Friday, the Bureau of Labor Statistics said the U.S. economy added 103,000 new jobs in March, well below the consensus estimate of 170,000 among analysts polled by MarketWatch. The unemployment rate remained at a 17-year low of 4.1%.
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Dow action on Friday
All 30 Dow components declined:
| Company | Ticker | Price change - April 6 | Price change in April | Price change - 2018 through April 6 | Price change - 2017 |
| Caterpillar Inc. | CAT, -3.47% | -3.5% | -3.0% | -9.3% | 69.9% |
| Intel Corporation | INTC, -3.16% | -3.2% | -6.3% | 5.7% | 27.3% |
| Boeing Co. | BA, -3.06% | -3.1% | -0.5% | 10.6% | 89.4% |
| Visa Inc. Class A | V, -2.88% | -2.9% | -1.7% | 3.2% | 46.1% |
| 3M Co. | MMM, -2.94% | -2.9% | -3.3% | -9.8% | 31.8% |
| Nike Inc. Class B | NKE, -2.93% | -2.9% | 1.7% | 8.0% | 23.1% |
| General Electric Co. | GE, -2.76% | -2.8% | -3.1% | -25.2% | -44.8% |
| DowDuPont Inc. | DWDP, -2.64% | -2.6% | 0.0% | -10.5% | 24.5% |
| Home Depot Inc. | HD, -2.61% | -2.6% | -2.1% | -8.0% | 41.4% |
| Cisco Systems Inc. | CSCO, -2.61% | -2.6% | -5.0% | 6.3% | 26.7% |
| Apple Inc. | AAPL, -2.56% | -2.6% | 0.4% | -0.5% | 46.1% |
| JPMorgan Chase & Co. | JPM, -2.49% | -2.5% | -0.8% | 2.0% | 23.9% |
| American Express Co. | AXP, -2.43% | -2.4% | -1.5% | -7.5% | 34.1% |
| United Technologies Corp. | UTX, -2.39% | -2.4% | -2.5% | -3.8% | 16.4% |
| Microsoft Corporation | MSFT, -2.33% | -2.3% | -1.1% | 5.5% | 37.7% |
| Goldman Sachs Group Inc. | GS, -2.28% | -2.3% | -0.8% | -1.9% | 6.4% |
| International Business Machines Corp. | IBM, -2.25% | -2.2% | -1.9% | -1.9% | -7.6% |
| UnitedHealth Group Inc. | UNH, -2.23% | -2.2% | 4.7% | 1.6% | 37.8% |
| Chevron Corporation | CVX, -2.16% | -2.2% | 0.6% | -8.3% | 6.4% |
| Merck & Co. Inc. | MRK, -2.15% | -2.1% | -2.0% | -5.2% | -4.4% |
| Johnson & Johnson | JNJ, -2.00% | -2.0% | 0.0% | -8.3% | 21.3% |
| Walt Disney Co. | DIS, -1.72% | -1.7% | -0.1% | -6.7% | 3.2% |
| McDonald's Corp. | MCD, -1.65% | -1.6% | 3.1% | -6.3% | 41.4% |
| Verizon Communications Inc. | VZ, -1.58% | -1.6% | -0.7% | -10.3% | -0.8% |
| Pfizer Inc. | PFE, -1.57% | -1.6% | -0.9% | -2.9% | 11.5% |
| Exxon Mobil Corp. | XOM, -1.51% | -1.5% | 0.3% | -10.5% | -7.3% |
| Travelers Cos. Inc. | TRV, -1.46% | -1.5% | -1.2% | 1.2% | 10.8% |
| Walmart Inc. | WMT, -1.28% | -1.3% | -2.6% | -12.2% | 42.9% |
| Coca-Cola Co. | KO, -1.08% | -1.1% | 1.1% | -4.3% | 10.7% |
| Procter & Gamble Co. | PG, -0.47% | -0.5% | -1.1% | -14.6% | 9.3% |
| Source: FactSet | |||||
Weakest S&P 500 stocks
These S&P 500 stocks fell the most on Friday:
| Company | Ticker | Price change - April 6 | Price change - April | Price change - 2018 through April 6 | Price change - 2017 |
| Incyte Corp. | INCY, -22.93% | -22.9% | -23.2% | -32.4% | -5.5% |
| Nektar Therapeutics | NKTR, -7.46% | -7.5% | -11.7% | 57.2% | 386.7% |
| Xilinx Inc. | XLNX, -6.22% | -6.2% | -8.2% | -1.7% | 11.7% |
| Dover Corp. | DOV, -4.61% | -4.6% | -5.1% | -7.7% | 34.8% |
| CF Industries Holdings Inc. | CF, -4.54% | -4.5% | -2.4% | -13.4% | 35.1% |
| Kohl's Corp. | KSS, -4.35% | -4.3% | -2.3% | 18.0% | 9.8% |
| Concho Resources Inc. | CXO, -4.31% | -4.3% | -11.1% | -11.0% | 13.3% |
| Freeport-McMoRan Inc. | FCX, -4.31% | -4.3% | -1.4% | -8.6% | 43.7% |
| Charles Schwab Corp. | SCHW, -4.28% | -4.3% | -4.0% | -2.5% | 30.1% |
| KLA-Tencor Corp. | KLAC, -4.27% | -4.3% | -4.5% | -1.0% | 33.5% |
| Source; FactSet | |||||
Incyte INCY, -22.93% was the worst performer among the S&P 500 and the Nasdaq-100, plunging nearly 23% after the company and Merck MRK, -2.15% announced disappointing results of a phase 3 study of a metastatic melanoma treatment.
Trailing the Nasdaq-100
Here Friday’s 10 worst performers among the Nasdaq-100 components:
| Company | Ticker | Price change - April 6 | Price change - April | Price change - 2018 through April 6 | Price change - 2017 |
| Incyte Corp. | INCY, -22.93% | -22.9% | -23.2% | -32.4% | -5.5% |
| Xilinx Inc. | XLNX, -6.22% | -6.2% | -8.2% | -1.7% | 11.7% |
| KLA-Tencor Corp. | KLAC, -4.27% | -4.3% | -4.5% | -1.0% | 33.5% |
| Take-Two Interactive Software Inc. | TTWO, -4.06% | -4.1% | -3.2% | -13.8% | 122.7% |
| PayPal Holdings Inc. | PYPL, -4.02% | -4.0% | -2.6% | 0.3% | 86.5% |
| Align Technology Inc. | ALGN, -3.96% | -4.0% | -2.3% | 10.4% | 131.1% |
| Microchip Technology Inc. | MCHP, -3.74% | -3.7% | -5.6% | -1.8% | 37.0% |
| Applied Materials Inc. | AMAT, -3.59% | -3.6% | -5.9% | 2.4% | 58.4% |
| American Airlines Group Inc. | AAL, -3.55% | -3.5% | -3.2% | -3.3% | 11.4% |
| Fastenal Co. | FAST, -3.49% | -3.5% | -1.7% | -1.9% | 16.4% |
| Source: FactSet | |||||
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