Dow falls 200 points as April consumer spending numbers plummet

The Dow Jones Industrial Average fell 200 points Friday morning, following a bleak retail report. The S&P 500 lost 0.8%.

Consumer spending was down by a record 16.4% in April, signifying a large component of the U.S. economy's contraction amid the pandemic. The number, released ahead of trading, is higher than economists were expecting. 

Tensions with China are running hot this morning, as the White House moved to block the shipments of semiconductors to Chinese telecom giant Huawei.

In response, a Chinese state-run media outlet said that if the U.S. continues to sabotage Huawei, China will active what they call the "unreliable entity list," which will trigger restrictions and investigations into U.S. companies including Qualcomm, Cisco, and Apple. The outlet also said that China will suspend purchase of Boeing airplanes.