03:56 PM EDT, 04/04/2025 (MT Newswires) -- US benchmark equity indexes are on track to close lower on Friday after China imposed 34% retaliatory tariffs on US products, effective April 10.

The Dow Jones Industrial Average dropped 4.4% to 38,769.3, while the Nasdaq Composite declined 4.5% to 15,801.8. The S&P 500 was down 4.8% to 5,140. All sectors were in red. Energy and financials saw the steepest declines.

Nike ( NKE ) and lululemon athletica (LULU) rose 5% and 4.9%, respectively. President Donald Trump said in a post on Truth Social that Vietnam was willing to eliminate tariffs.

APA (APA) was among the hardest hit stocks on the S&P 500. Its shares fell 13% after Capital One and Wolfe Research reduced the price target to $35 from $38 and $36 from $40, respectively.

GE HealthCare Technologies ( GEHC ) was down 15% after China restricted exports of a rare earth metal used in MRI scans as part of its retaliation against the Trump administration's latest tariffs.

Oil-related stocks fell. Shares of Exxon Mobil ( XOM ) fell 6.6%, Chevron ( CVX ) slipped 7.5%, Schlumberger ( SLB ) dropped 11%, and Marathon Petroleum ( MPC ) declined 5.3%

The 10-year US Treasury yield dropped 2.6 basis points to 4%, while the two-year rate was down 1.7 basis points to 3.7%.

May West Texas Intermediate crude oil was down 6% to $62.92 a barrel.