The S&P 500 and Nasdaq had their worst losses since 2020 while President Trump said his tariff plan is "going very well." The jobs report and Fed chief Jerome Powell loom.

Thursday's sell-off hit megacap technology stocks especially hard, with CNBC's Magnificent Seven index sliding more than 6%. Collectively, the stocks in the Magnificent Seven, which led the market higher in both 2023 and 2024, lost more than $1 trillion in market value.

Get your circuit breakers ready. Heading into the open, Dow futures are now down 1,203 points, a decline of 2.8%. The other major contracts are worse: the S&P 500 contract is down 3.5%, the Nasdaq 100 contract is down 4% and the Russell 2000 is down nearly 5%.

Thursday night's action follows the worst day since 2020 for each of the three major indexes. The Dow and S&P 500 dropped roughly 4% and 4.8%, respectively, while the technology-heavy Nasdaq Composite plunged nearly 6%.

Asia-Pacific markets are set to extend declines, tracking steep losses on Wall Street after U.S. President Donald Trump’s tariffs rattled global markets.

US stocks plunged after President Trump announced a baseline 10% tariff on all US trading partners, sending shockwaves through markets and the global trade order.

Dow Jones futures plunged early Thursday, along with S&P 500 futures and Nasdaq futures. They sold off as President Donald Trump unveiled "reciprocal" tariffs vs. the world that were much higher than investors had feared.

Stock-index futures were down more than 2% in postmarket trading Wednesday evening as investors digested the details of the sweeping new tariff policies of President Trump. Futures on the Dow Jones Industrial Average declined 2.