In mid-morning trading, the Dow was down 538.07 points to 43,592.91, representing a 1.22% decline. The S&P 500 fell 84.72 points to 6,254.67, down 1.34%, while the Nasdaq dropped 357.10 points to 20,765.

Dow Jones futures fell sharply Friday morning, along with S&P 500 futures and Nasdaq futures. Amazon.comAMZN skidded on earnings and President Donald Trump setting tariffs on dozens of countries, including a higher duty on most Canadian goods.

Stock futures moved sharply lower Friday morning as investors reacted to news that the U.S. plans to impose higher tariffs on dozens of countries.