Investors were dumping U.S. stocks on Friday, with major equities benchmarks extending their tumble on tariffs fears as investors looked past fresh data showing the economy added more jobs in March than Wall Street expected.

“In a normal environment, today’s jobs report would be welcome news. But this is not a normal environment,” said Ronald Temple, Lazard’s chief market strategist, in emailed comments on Friday.

“With the trade war escalating, investors are ignoring lagging economic indicators like unemployment,” Temple said. They’re “focusing on the prospects of materially higher inflation and unemployment as tariffs lead to price increases and as companies seek to cut costs by reducing headcount.”