Stocks Opened Lower on Trade War Fears

U.S. stocks opened sharply lower on Friday as investors worried over the prospect of a global trade war, following President Trump’s announcement of tariffs on steel and aluminum imports. The Dow Jones Industrial Average lately dropped 344.91 points, or 1.40%, to 24,264.07. The S&P 500 was down 26.45 points, or 0.99%, to 2,651.22. The Nasdaq Composite declined 77.91 points, or 1.09%, to 7,102.65.

Oil futures traded slightly lower Friday, pressured by concerns over a potential trade war and U.S. supplies, leaving crude on track for a hefty weekly loss. April West Texas Intermediate crude shed 19 cents, or 0.3%, to $60.80 a barrel. May Brent fell 14 cents, or 0.2%, to $63.

J.C. Penney said Friday that it has eliminated roughly 360 jobs at its headquarters, and at stores throughout the country. The company said the job cuts were part of its efforts to get a handle on costs, and streamline the company’s operations.