The Nasdaq Composite index, primarily consisting of technology stocks, officially entered a bear market on Friday. This was marked by a 22.7% decline from its previous peak on December 16th. The market downturn was instigated by investor concerns about the impact of President Donald Trump's tariffs, potentially leading to a global economic recession. On the specific day, the index dropped by 5.8% following China's announcement of a 34% tariff increase on U.S. products in response to Trump's own tariff actions against China earlier in the week. The closing number for the Nasdaq Composite index that day was at 15,587.79, a significant decrease from its record high of 20,173.89 in December. Generally, a bear market is said to occur when an index falls by at least 20% from its recent peak.