U.S. stock exchanges took another significant drop when markets opened Friday morning, one day after the largest sell off in the market in five years. The declines come two days after President Donald Trump announced global tariffs, taxing most imports entering the U.S. in an effort to reinvigorate the U.S. manufacturing industry.

The Dow Jones Industrial Average and the S&P 500 declined by 2.5% at market open Friday. The Dow Jones opened about 1,000 points lower than the market closed on Thursday, marking the first time the market dipped below 40,000 since August 2024.

The drop came despite a relatively positive March jobs report, which showed the U.S. gained 228,000 jobs during the month, beating expectations.

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The Dow Jones Industrial Average plunged by 3.98% at market close Thursday, while the S&P 500 and Nasdaq Composite indexes each saw losses of 4.84% and 5.97%, respectively.

Numerous sectors experienced significant sell-offs, including tech companies like NVIDIA, Apple, and Microsoft, while other major corporations such as Dollar Tree, Nike, and Target also suffered.