April 4 (Reuters) - U.S. tech heavyweights, banks and oil majors extended losses on Friday after Beijing retaliated with additional duties of 34% on U.S. goods, amplifying investor concerns over an escalating global trade war that has stoked fears of a recession.
Beijing's tariffs are set to go into effect April 10. The country also announced controls on exports of medium and heavy rare-earths, and added 11 U.S. entities to the "unreliable entity" list.
Shares of Tesla (TSLA.O), and Apple (AAPL.O), - among companies with the biggest revenue exposure to China - both slumped more than 6%. Alphabet (GOOGL.O), Microsoft (MSFT.O), and Meta (META.O), also fell sharply.
Banks' shares extended their declines following the countermeasures. The industry has been clouded by fears that a trade dispute could temper consumer confidence, reduce spending, weaken loan demand and pressure fees from advising on deals.
JPMorgan Chase (JPM.N), the biggest U.S. bank by assets, sank 7.3%. Wall Street titans Goldman Sachs (GS.N), and Morgan Stanley (MS.N), dropped 7% and 6%, respectively.
Crude prices, which were already feeling the brunt of an expected OPEC+oil output hike in May, added to the losses.
Oil majors Exxon (XOM.N), fell 4.8%, while Chevron (CVX.N), declined 4%. Top oilfield service company SLB (SLB.N), dropped 5.8%, and the biggest U.S. refiner by volume, Marathon Petroleum, (MPC.N), fell 4.6%.
Tariffs from China, a major oil importer, could add to worries over slowing fuel demand.
"The trade war escalated, recession fears rise and consequently oil demand growth is to take a sizeable hit," said Tamas Varga, analyst at PVM.
GE Healthcare's (GEHC.O), stock slid 6.9% premarket, leading the losses in shares of medical equipment makers, after China also announced export controls on a rare-earth metal that is used in MRI scans.
Shares of Detroit automakers Ford (F.N), and General Motors (GM.N), were down about 3% and 3.6%, respectively.
Automakers depend on a complex global supply chain for parts, while GM and Ford also count on China as a key growth market for their electric vehicles.
Reporting by Deborah Sophia in Bengaluru, Seher Dareen, Niket Nishant, Nathan Gomes, Manas Mishra; editing by Arpan Varghese and Sriraj Kalluvila
