Stocks closed the week weakly on Friday amid concerns over President Donald Trump's expansive tariffs potentially leading to a global recession. The dollar faced its worst weekly performance in a month, while gold flirted with record highs. Asian shares struggled to recover from losses, with Japan's Nikkei falling 1.85%, extending previous day's 2.8% decline. MSCI's Asia-Pacific index excluding Japan dipped 0.26%, with markets in China, Hong Kong, and Taiwan closed for a holiday. Trump's announcement of significant trade barriers triggered a market sell-off, causing concerns about a possible recession and bear market. Market participants are eyeing Fed Chair Jerome Powell's speech later for insights into the U.S. economy and potential policy responses. Traders are speculating on increased Fed rate cuts this year to support economic growth amidst global uncertainties.