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Futures down: S&P 500 2.94%, Nasdaq 100 3.22%, Dow 2.9%

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Jobs data due at 8:30 am

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Fed chair Jerome Powell's speech at 11:25 am

(Updates with fresh prices, quote, adds context)

By Sruthi Shankar and Pranav Kashyap

April 4 (Reuters) -

U.S. stock index futures plunged on Friday, indicating

another round of selloff on Wall Street, after China imposed

additional tariffs on all U.S. goods in response to the Trump

administration's

sweeping levies

, escalating a global trade war.

China's finance ministry said it would impose additional

tariffs of 34% on all U.S. goods from April 10 after President

Donald Trump raised tariff barriers to their highest level in

more than a century this week, leading to a plunge in world

financial markets.

U.S.-listings of Chinese companies plunged in premarket

trading. JD.com dropped 7.5%, while Alibaba fell 8.7% and Baidu shed 6.7%.

At 7:10 a.m., Nasdaq 100 E-minis was down 3.22%,

marking a 20% decline from its peak. Dow e-minis

dropped 2.9% and S&P 500 e-minis fell 2.94%.

The CBOE Volatility index , known as Wall Street's fear gauge, hit its highest level

since August 2024.

"We're beginning to see the inevitable retaliation from

the global trade partners of the United States. The risk is that

this tips a recession scare into a full-blown recession," said

Ben Laidler, head of equity strategy at Bradesco BBI.

Companies with exposure to China fell across the board,

with mega-caps such as

Apple falling 4.8%. Nvidia

lost 3.9% and Amazon.com lost 5.4%.

The benchmark S&P 500 dropped 4.8% on Thursday, its

largest one-day percentage decline since June 2020, after Trump

imposed a 10% tariff on most imports into the United States and

much higher levies on dozens of other countries.

The index closed at 5,396.52 points, a more than seven-month

low.

The tariffs have fuelled expectations for a global economic

downturn and sharp price hikes across sectors in the world's

biggest consumer market.

The tech-heavy Nasdaq tumbled about 6% on Thursday,

its biggest one-day drop since the height of the pandemic-fueled

selloff in March 2020. The blue-chip Dow dropped 2.5% in

the prior session and the index looked on course to confirm a

correction, or a 10% drop from all-time highs.

Bank stocks in the United States dropped further on Friday,

with the sector under pressure globally as investors anticipated

more interest rate cuts from central banks and a hit to economic

growth from tariffs.

Bank of America ( BAC ), JPMorgan Chase ( JPM ) and

Citigroup ( C/PN ) all fell around 5% each. The yield on the

benchmark 10-year Treasury notes was down to a

six-month low of 3.95%.

The Labor Department report, due at 8:30 a.m. ET, is

expected to show U.S. job growth slowed in March amid mass

firings of public sector workers to slash federal government

spending and reluctance by businesses to increase hiring because

of import tariffs.

Nonfarm payrolls likely rose by 135,000 jobs in March after

rising 151,000 in the prior month.

Focus will also be on Fed Chair Jerome Powell's speech at

11:25 a.m. ET for clues on the path of interest rates.

Traders continued to anticipate a more accommodative policy

from the U.S. central bank, with money market futures pricing in

cumulative rate cuts of 100 basis points by the end of this

year, compared with about 75 bps a week earlier.

"Looking at cross-asset reactions, the market is actually

pricing in the real risk of a recession here," Laidler said.