Global Markets See Worst Drop Since 1997, Mimicking Black Monday-like Crash

U.S. stocks plunged Friday, with the Nasdaq entering a bear market and the Dow falling into correction territory, according to Benzinga. Trump’s broad tariffs deepened global trade tensions and triggered recession fears. Wall Street suffered its second day of steep losses, erasing trillions in value amid surging volatility. Most S&P 500 sectors fell, led by financials, energy, and tech, while consumer staples gained. Hong Kong’s Hang Seng Index plunged in its worst single-day drop since 1997. The steep decline was driven by escalating U.S.-China tariffs that fueled trade war fears and triggered a global selloff.