News when you wanted with Bloomberg News. Now I'm mad kleggy steep losses Friday for the US stock market, we get more from Bloomberg's Charlie Pellett.
The Nestak one hundred plunged into a bear market, with its losses from a February high surging past twenty percent as investors ditched once high flying tech shares in a broad market route. The six week sell off is wiped out roughly six point four trillion dollars from the tech heavy benchmark since its peak, spurred by worries that President Trump's tariffs will push the US economy into recession. The S and P five hundred Friday was down six percent
for the week. It was down nine point one percent, Nestak on the week down ten percent, the Dow on the week down seven point nine percent. In New York, Charlie Pellett Bloomberg Radio.
Federal Reserve Chair Jerome Powell made clear the US Central Bank will not rush to react to sweeping Trump administration tariffs or to the financial market turmoil that has ensued amid fears of a global economic downturn.
We're well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy.
Chair Pale then talked about the effects of tariffs.
It is now becoming clear that tariff increases will be significantly larger than expected, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remains uncertain.
He also emphasized that with inflation still elevated, the Central Bank had an obligation to make sure a temporary price boost from tariffs does not turn into something more persistent. JP Morgan says it now expects the US economy to fall into a recession this year. After accounting for the likely impact of tariffs announced this week by the Trump administration. Diane Swark, chief economists at KPMG Tels Bloomberg, that they've adjusted their economic free forecast call.
We have in fact, we have now moved to a little bit worse than our worst case scenario, and that's because the tariffs now are likely. If they even with some rollback and some negotiation, they could easily hit the highest level since the early nineteen hundreds that with more retaliation, would get us into a recession.
KPMG Chief Economists Giant Swank on Bloomberg Television. Countries in Southeast Asia, major sources of exports to the US, are angling to accommodate President Trump rather than retaliate against his punishing tariffs, seeking to keep exports flowing to one of their biggest markets. Vietnam, Cambodia, and Indonesia have said in recent days that they were open to negotiations over the reciprocal tariffs Trump announced this week, while Singapore Finance and
Trade hubs said it didn't plan to strike back. The offers come as nations worldwide way how to respond to Trump's decision to slap tariffs from ten percent to as high as fifth twenty percent on every country as stock markets reflect a lack of confidence in the post TARA future. The chairman of the White House Council of Economic Advisors, Stephen Miron, suggested in a Bloomberg interview that fears of recession are overblown.
Imports are only fourteen percent of the economy, so you really have to think of the enormous changes to get to the place where you think a recession is likely there's maybe a little bit too much focus on risks from what's going on right now and not in a focus on the pro growth policies.
The Senate dived into contentious debate fraudy, and a budget plan critical to Republican efforts to pass trillions of dollars in tax cuts and boost border security and defense spending through what President Trump calls one Big Beautiful Bill. Passage of the plan would give Republicans the chance in coming months to muscle a tax cut bill through both chambers of Congress, even if Democrats are unanimously opposed, just as
they did in Trump's first term. President Trump had nearly clinched an agreement with TikTok's Chinese owner by dance that would have spared the popular app from a US, but the deal was scuttled after China withheld its approval following this week's tariff announcement. This according to a person familiar with the matter. Alex Ovechkin has tied Wayne Gretzky's NHL goal record by scoring the eight hundred ninety fourth of his career at the NCAA Women's Final four Yukon in
South Carolina. Advance there will play Sunday for the National Championship. Friday on Wall Street, the Dow sank twenty two thirty one, NASDAK dropped nine sixty three. The S and P down three to twenty two. The ten year treasurer yield four point zero one percent, the two year three point sixty seven percent. The VIS closed at its highest level since
April twenty twenty. Join us for a special weekend edition of Bloomberg Surveillance this Sunday, Jonathan Faraoh and Lisa Abramowitz will take you through the market turmoil and what's ahead for the trading week. It all starts five pm Eastern on Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcasts page on YouTube. That's news when you want it with Bloomberg News. Now. I'm mid calagime and this is Bloomberg