Stock Market Today: Stocks whipsaw, dollar slumps as tariff war escalates

U.S. equity futures were volatile in early Friday trading, while the dollar slumped to the lowest levels in more than three years, as China hit back with a final retaliatory tariff on American-made goods and investors braced for the start of the first quarter earnings season amid the ongoing market turmoil. 

Updated at 7:59 EDT

Whip it

Stocks are turning lower in the premarket, despite some solid bank earnings, with the S&P 500 called 2 points lower and the Nasdaq now drifting into a negative opening bell. 

Markets are closing tracking moves in the bond market, where long-date paper has risen the most over the past week, (in terms of yield) since 1982. Benchmark 10-year notes were holding at 4.409% while 30-year bonds were trading at 4.863%.

"As far as the markets are concerned, it’s all about tariffs. The danger is that something is announced, whether good or bad, over a weekend, thereby forcing a dramatic reaction as markets reopen on a Sunday evening," said David Morrison, Senior Market Analyst at Trade Nation.

"This is typically when markets are at their most illiquid, meaning that moves can be violent," he added.

Gold ATH this morning.@Yardeni sees $5k by YE 2026https://t.co/2wsBfpcjfm pic.twitter.com/vzFMVbOlds— Mike Zaccardi, CFA, CMT