U.S. stocks are in the middle of another brutal and chaotic day, with major indexes dropping more than 3% each.

The broad-based S&P 500 fell 4.2%, and is now down more than 15% from its mid-February high.

The tech-heavy Nasdaq was down even further, sliding about 4.3%. The Dow Jones Industrial Average fell more than 1,400 points, or about 3.6%.

The Russell 2000 Index, which tracks the stocks of smaller U.S. companies, dropped by 3.2%.

Major indexes did rebound off their lows in the late morning after President Donald Trump signaled he was open to negotiations on his shock tariff threats following a call with the secretary general of Vietnam. But even that brief rally offered little relief for investors.

It’s shaping up to be a second straight day of turmoil on trading floors. On Thursday, the S&P had its worst day since the early days of the Covid-19 pandemic . Among the biggest names falling Friday were Elon Musk's electric-vehicle maker Tesla (down about 10%), farm equipment giant Caterpillar (down about 6%) and market-leading AI chipmaker Nvidia (down about 7%).

Even a surprisingly strong March jobs report , released Friday morning, did little to stanch the bleeding. Analysts largely brushed off the hiring gains as a snapshot of an economic reality the White House has since upended.

Heavy selling in markets around the globe preceded the U.S. declines. European stocks veered toward a correction, having now declined 10% from recent highs. Asian markets also cratered.

Declines hit other markets as well. The yield on the 10-year Treasury bond fell under 4%. While that will translate to lower mortgage rates , it reflects investors' jitters about the economy as they trade out of the risks of stocks and into the safety of bonds.

Crude oil also slipped, falling nearly 8% to $61.71, indicating fears that fuel consumption will fall as consumers pare back their spending.

The drawdowns represent a stunning turn of events for a presidential administration that was expected to have “business friendly” policies at its foundation. Instead, Trump is betting that the tariffs will force businesses to relocate manufacturing and production to American shores — an outcome most business leaders and economists say is virtually impossible to achieve at the scale he desires and will instead lead to calamity.

Early Friday, China unveiled 34% duties on goods brought in from the U.S. in response to Trump raising taxes on U.S. importers of Chinese goods by as much as 79%.

While some hold out hope that the president is using the tariffs as a negotiating tactic, the prospect of at least near-term economic disruption now appears all but certain. Trump has continued to project defiance in the face of market turmoil and criticism from global leaders.

“MY POLICIES WILL NEVER CHANGE,” he posted to social media Friday.

Many on Wall Street are forecasting major economic fallout. Dan Ives, an analyst with Wedbush Securities financial group, wrote in a note Friday morning that Trump’s tariffs will lead to “economic Armageddon” if not dialed back.

“Never have we ... seen a self-inflicted debacle of epic proportions like the Trump tariff slate over the last 36 hours,” he wrote.

JPMorgan analysts published a research note titled “There will be blood” and raised their odds of a global recession to 60% due to White House trade policies.

“A turn towards caution by households alongside a slide in business spending could well push the economy into recession next quarter,” the bank analysts wrote.

Even before Wednesday’s announcement, the uncertainty surrounding Trump's policies had already caused business and consumer sentiment to plummet. The lingering questions about how long the new tariffs will stay in place are exacerbating fears of a dramatic slowdown.

“The intensity of downside risks ... continues to be quite substantial,” Torsten Slok, chief economist at Apollo Global Management, said in a presentation Friday.

This article was originally published on NBCNews.com