China's Ministry of Finance said the country plans to levy retaliatory tariffs on another $75 billion of U.S. goods, pressuring the securities in pre-market trading. Their losses were extended following the open, after President Donald Trump subsequently said that he would announce his response Friday afternoon.
Apple fell as much as 3.9%. The iPhone maker is heavily correlated to trade issues because China is both a major part of its supply chain and a notable market for its products. The company derived nearly 20% of its 2018 revenue from China, according to data compiled by Bloomberg.
Chipmakers have been similarly volatile because of the trade war. The Philadelphia Semiconductor Index dropped 3.6% on Friday, and every member of the benchmark industry index was in negative territory.
Among notable decliners, Qualcomm Inc. lost 3.3% while Nvidia Corp. was off 5% and Micron Technology shed 3.5%. Broadcom Inc. was down 4.9% and ON Semiconductor Corp. lost 5.4%.
Technology stocks were the weakest-performing sector on Friday, with the S&P 500 information technology index down 2.4%. The S&P 500 overall fell 1.4%.