U.S. futures indexes fell sharply early on Thursday, led by a deep slide in major tech stocks, while global markets also faced a major selloff after President Donald Trump’s sweeping reciprocal tariffs raised fears of a global trade war and recession.

U.S. stocks sold off Wednesday as investors awaited an announcement about the scope of U.S. tariffs against trading partners. The broad S&P 500 lost 1.1%, or 61 points, to trade near 5,572 after the opening bell.

Wall Street is wracked by major selling as investors bet against the sweeping new trade barriers. Japan’s main stock index and Europe’s Stoxx 600 each closed 2.7% lower.