U.S. stock futures are declining sharply after indexes plummeted on tariffs announcements from President Donald Trump; China retaliates with a 34% tariff on U.S. imports; job growth is seen having slowed slightly in today's March labor report; Intel ( INTC ) and Taiwan Semiconductor Manufacturing Co. ( TSM ) reportedly have tentatively agreed to form a joint venture to run the U.S. company's foundry business; and Capital One Financial's ( COF ) proposed $35 billion acquisition of Discover Financial Services ( DFS ) reportedly won't be challenged on antitrust grounds by the DOJ. Here's what investors need to know today.

1. US Stock Futures Decline Sharply After Indexes Tumble Thursday on Tariffs

U.S. stock futures are pointing sharply lower after global markets plummeted in reaction to President Donald Trump's wide-ranging tariffs and China announced retaliatory taxes on U.S. imports early Friday. Nasdaq futures are nearly 4% lower after the tech-heavy index tumbled 6% in the prior session . S&P 500 and Dow Jones Industrial Average futures are each down around 3.5% after also plunging yesterday. Yields on the 10-year Treasury note are falling, trading around 3.9%. Oil futures are down sharply and bitcoin ( BTCUSD ) is trading around $82,000. Gold futures are rising.

2. China Announces Retaliatory Tariffs

China on Friday announced it will be imposing 34% tariffs on U.S. imports starting April 10 in retaliation for those implemented by the White House, according to the official Xinhua News Agency. Meanwhile, President Donald Trump defended his tariff proposals, saying he was open to negotiations and had been in discussions with other nations over the sweeping import taxes he announced on Wednesday, according to Bloomberg . Trump suggested that China could see lower tariffs if Beijing approves a sale of social media app TikTok , which is facing a Saturday deadline for a U.S. ban, the report said.

3. US Job Growth Expected to Have Slowed in March Employment Report

The U.S. labor market is expected to have slowed slightly in March when the monthly employment report is released at 8:30 a.m. ET. U.S. employers are forecast to have added 140,000 jobs in the month, down from 151,000 in February, according to a Dow Jones Newswires and The Wall Street Journal survey of economists. The unemployment rate is expected to remain at 4.1%. The data comes a day after a report indicated layoffs are soaring on federal workforce reductions .

4. Intel, TSMC Set to Form US Joint Chipmaking Venture, Report Says

Intel ( INTC ) and Taiwan Semiconductor Manufacturing Co. ( TSM ) have tentatively agreed to form a joint venture that would run the U.S. company's foundry business, according to a report in The Information . TSMC, the world's largest chip manufacturer, would own a 20% stake in the combined company, the report said. Intel shares plummeted in 2024 as the chipmaker struggled to keep up with rivals on artificial intelligence (AI) , but the stock is up 12% this year through Thursday after it named a new CEO . Intel stock and U.S.-listed TSMC shares are sharply lower in premarket trading amid the broader market selloff.

5. DOJ Reportedly Won't Block Capital One-Discover Merger

The Justice Department doesn't plan to block Capital One Financial's ( COF ) plans to buy Discover Financial Services ( DFS ) after its review didn’t raise enough concerns over competition, according to a report in The New York Times . The news removes one potential obstacle for the proposed $35 billion merger of two of the U.S.'s largest credit card companies. The Federal Reserve or the Office of the Comptroller of the Currency (OCC) could still block the deal, although they are generally viewed as less likely to act, the Times said. Shares of both firms were lower in premarket trading amid broader market declines.

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