Good morning and welcome back to Wall Street breakfast.

Today is Friday, April 4th. I'm Rena Sherble filling in for Julie Morgan.

Wall Street's gloom is expected to persist, crude oil futures plunge, and Amazon rolls out new

feature.

The gloomy mood on Wall Street is expected to persist, with stock index futures dropping

on Friday as President Donald Trump's latest tariffs continue to spook markets.

Investors are also awaiting key labor data.

SMP 500 futures are down 0.8%, NASDAQ down 0.6, and Dow futures down 0.9%.

The 10-year treasury yield fell nine basis points to 3.96%.

And the two-year fell six basis points to 3.96 percent and the two year fell six basis points to 3.66%.

U.S. stocks were mauled on Thursday with the SMP 500 closing in a correction as President

Donald Trump's reciprocal tariffs stoked fears of a global trade war. The SMP 500 closed down 4.8%, finishing its worst session since

June of 2020. The sell-off occurred after Trump late Wednesday detailed new tariffs that the

U.S. isn't acting on imports. The minimum baseline tariff will be 10%. Deutsche Bank's Henry Allen said

the last 24 hours have been truly historic for markets,

as the impact of the U.S. reciprocal tariffs cascaded across different asset classes, with no sign of

letting up overnight.

Alan added, in terms of what happens now, the big question is how the U.S.'s trading partners

might retaliate, as that will play a huge role in determining

what the overall economic and market impact will be. On the back of all of this, investors grew

increasingly fearful about a potential U.S. recession, with U.S. equities seen their sharpest decline in years.

UBS's Paul Donovan said, for now U.S. recession risks have risen. Over the longer term,

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