Major stock indexes closed sharply lower Friday after President Donald Trump threatened “massive” tariffs on China, reversing early gains that saw the Nasdaq hit a fresh record high.

The tech-heavy Nasdaq tumbled 3.6%, or 820 points, after setting a new intraday record for a second straight session. The benchmark S&P 500 sank 2.7%, or 182 points, while the blue-chip Dow Jones Industrial Average dropped 1.9%, or 878 points. All three indexes posted weekly declines of at least 2.4%.

Writing on his Truth Social network that China “was becoming hostile” regarding rare earths, Trump said that “one of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America.” (After the stock market closed for the day, Trump said he will impose an additional 100% tariff on goods from China starting Nov. 1, reigniting a trade war between the world’s two largest economies.)

Nvidia (NVDA) shares set a new all-time high in early trading but reversed course after Trump’s post and finished down 4.9%. Shares of rival Advanced Micro Devices (AMD) sank 7.8%, while Amazon (AMZN)—which would stand to suffer from increased tariffs on Chinese-made products—dropped 5% to lead Dow decliners.

In addition to the sharp downturn in stocks, the 10-year Treasury yield—which affects borrowing costs on all sorts of loans—fell to 4.06% from 4.14% at Thursday’s close. Bitcoin was at $114,000 in late-afternoon trading, down more than $8,000 from its high for the day. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, slipped further and was down 0.7% to 98.85.

Gold futures, which have soared more than 50% this year, resumed their ascent after closing back below the $4,000 threshold Thursday, advancing 1.5% to $4,035. West Texas Intermediate crude oil futures sank 5.3% to below $58.25 per barrel, their lowest level since May, as Israeli troops started pulling back from Gaza following a ceasefire agreement.

In corporate news, Applied Digital (APLD) shares soared 16% after the developer of data centers reported better-than-expected quarterly revenue and announced it had finalized a new lease agreement with CoreWeave (CRWV) for an additional 150 megawatts at its North Dakota campus.

Elsewhere, shares of Qualcomm (QCOM) fell 7.3% after Chinese regulators opened an antitrust probe into the firm’s acquisition of Israeli chip firm Autotalks; Levi Strauss (LEVI) stock dropped 12% as the jeans maker warned about margin pressure because of tariffs; and shares of Stellantis (STLA) reversed earlier gains and ended down 7.3% after the Chrysler and Jeep parent reported third-quarter shipment estimates up 13% year-over-year.

One bright spot for equities was PepsiCo (PEP), whose stock surged a further 3.7% to lead the S&P 500 and Nasdaq a day after rising more than 4% after the soda and snacks giant’s Q3 results topped estimates and it replaced its CFO as Elliott Investment Management presses for change.