Wall Street heavyweights take a drubbing, from airlines to Big Tech

Some of Thursday's biggest losers — banks, airlines and technology companies — sank again on Friday. Others, such as retailers, clothing and restaurants, were down but not nearly as bad. A handful, like Nike, even posted small gains on Friday.

The so-called Magnificent 7 stocks that have dominated the market the past few years had some of the heaviest losses. Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla lost around $1.8 trillion in market value combined in the past two days.

Tariffs are effectively a business tax that gets passed on to consumers. If prices for goods and services rise, consumers could tighten their budgets and pull back on spending for non-essential goods and services.

Consumer spending makes up about 70% of economic activity in the U.S. A significant decline in demand would cause businesses to produce fewer goods, limiting growth and potentially causing a recession.

JPMorgan raised its forecast for the risk of a recession to 60% on Thursday, up from a previous 40%.

The three major U.S. stock indexes fell more than 5% on Friday.

Here's a breakdown of some of the market's worst performing sectors and companies on Friday.

Some of the U.S.'s biggest exports to China are heavy machinery and oilseeds and grains.

Deere & Co., down 3.9% Friday after losing 5% on Thursday.

Archer-Daniels-Midland, down 8.9% Friday after losing 0.8% on Thursday.

Caterpillar, down 5.8% Friday after losing 8.6% on Thursday.

Aerospace companies also heavily export their products to China. As part of its retaliation Friday, China imposed more export controls on rare earths, which includes materials used in high-tech products and aerospace manufacturing and the defense sector.

Boeing, down 9.5% Friday after losing 10.5% on Thursday.

General Dynamics, down 7.3% Friday after losing 2.3% on Thursday.

Airlines had been projecting a strong year for profits. However, if Americans are faced with higher prices for essentials, economists say that could put a crimp in their travel budgets.

United Airlines, down 4.3% on Friday after losing 15.6% on Thursday.

American Airlines, down 0.5% on Thursday after losing 10.3% on Thursday.

Delta Air Lines, down 3.8% on Friday after losing 10.7% on Thursday.

Companies that make and sell computers, smartphones and other technology source many of their parts from abroad. Some manufacture their entire products overseas, meaning they will have to pay a tariff when those products are shipped back for sale to consumers.

Apple, down 7.3% on Friday after losing 9.3% on Thursday.

HP, down 4.9% on Friday after losing 14.7% on Thursday.

Dell, down 7.3% on Friday after losing 19% on Thursday.

Nvidia, down 7.4% on Friday after losing 7.8% on Thursday.

If the economy slips into a recession, households and businesses will be less likely to borrow money as demand for products and services decline.

Wells Fargo, down 7.1% on Friday after losing 9.1% on Thursday.

Bank of America, down 7.6% on Friday after losing 11.1% on Thursday.

JPMorgan Chase, down 8% on Friday after losing 7% on Thursday.

Somewhat surprisingly, automakers didn't get hit as hard most other sectors did on Thursday. That could be because most of Ford, GM and Stellantis’ steel and aluminum — which Trump previously announced tariffs on — already comes from the United States, reducing the direct impact the companies would feel from higher duties.

General Motors, down 3.7% on Friday after losing 4.3% on Thursday.

Ford, up 0.4% on Friday after losing 6% on Thursday.

Tesla, down 10.4% on Friday after losing 5.5% on Thursday.

Stellantis, down 4.8% on Friday after losing 9.4% on Thursday.