After the opening bell, the Dow lost 1.2%, or more than 500 points, while the S&P 500 declined 1.3%. The tech-heavy Nasdaq composite dropped 1.7% in morning trade. Small caps on the Russell 2000 fell 0.9%.

Markets are assessing the reshaped US trade landscape after Trump on Thursday laid out steep new tariffs for dozens of countries.

The Dow Jones Industrial Average dropped 542.40 points, or 1.23%, closing at 43,588.58. The S&P 500 shed 1.60% to end at 6,238.01, while the Nasdaq Composite dipped 2.24% and settled at 20,650.13.