Major cryptocurrencies dropped sharply in response. Bitcoin was trading at $115,443, down more than 2% on the day. Ethereum fell to $3,633, while XRP dropped 2% to $3.03. Dogecoin slid 2.9% to $0.21, as per Kraken .

Trump on Thursday signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7. The order drew worries from Wall Street Friday as stocks slumped and Treasury yields fell sharply.