"Selloff" doesn't seem to cover the depths of Wall Street's losses this week, with the Dow's 2,231-point plunge the fourth-worst intraday loss in history. It's the first time ever the blue-chip index has shed more than 1,500 points in back-to-back days. The Nasdaq and S&P 500 are both now officially in bear market territory after two-day declines totaling over 10%, with 95% of the latter in the red today. For the week, all three indexes logged their worst performance since March 2020. The Cboe Volatility Index (VIX) enters the weekend at its highest close since April 2020.

Retaliatory tariffs came in droves today, as countries fight against President Trump's newly minted levies. China hammered back with a steep 34%, brushing aside any investor dreams of negotiations.

OIL, GOLD SUFFER STEEP WEEKLY DROPS

Still reeling from yesterday's Organization of the Petroleum Exporting Countries and its allies (OPEC+) hike, combined with tariff supply stress, oil fell to a three-year low. May-dated West Texas Intermediate (WTI) crude fell $5.30, or nearly 8%, to finish at $61,65 per barrel for the day, and off over 11% for the week.

Gold continued its drop, succumbing to profit taking as recession fears advance. At last glance, June-dated gold shed 2.8%, looking to settle near $3,035.40 an ounce for the day and down 1.9% for the week.

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