Good Friday morning, everyone. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintanilla

live from Post 9 of the New York Stock Exchange. David has the morning off. We've got another major

sell-off on Wall Street today. Day two reaction to the tariffs, China hitting back with tariffs of

its own, 34%. S&P 500 is down almost 3%. so not quite as bad as yesterday, but still pretty ugly.

Every sector is lower. The sector's taken it the hardest right now. You've got energy down 5.6

percent. Financials down 4 percent. Industrials down 3.65 percent. The NASDAQ is down 2.8 percent.

I mean, it is shaping up to be a pretty tough week as we close out the week.

We're looking at declines of 6% on the S&P, more than 7% for the NASDAQ as the markets digest this global trade shock after Liberation Day.

About 30 minutes into the trading session. Here are some big movers we're watching in this market sell off. Big Tech, of course, we're watching closely tanking it again. All Mag 7 names are getting

crushed in the session. Apple coming off the worst day since 2020. We'll get more on the tech

trade in a minute. Retail names, again, underperforming. Nike is now down 30% so far this year.

And as we said, we're a week away from the big bank earnings,

all the financials getting slammed again. The second worst sector at the moment will get more on

the financials on the show. Let's bring in our senior markets commentator Mike Santoli as we

continue to watch the sell-off. The angle I'm going to take today is some silver linings. I think there's

been a lot of doom and gloom. We know there's a trade shock. We know it was worst-case scenario.

We know we're going to have to readjust the economic outlook. Having said that, there are some

pieces of good news today. Let's start with jobs. I mean, it's not a normal reaction to a very

good jobs report,

but that's because you could look at it as a stale report. But it's new information. And the

information is that the tariff anticipation was not weighing on the labor market heading into

the month of March. The overall headline number comes in better than expected. The wage

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