On Thursday, for the first time, the benchmark S&P 500 finished more than 10% below its most recent record high close, achieved on February 19. In the latest in a long list of tariff threats, Trump said he would hit European beverage imports with duties of 200% if the EU does not remove U.

U.S. stocks continue to flail as investors grapple with impact of Trump administration trade war and signs of economic slowdown.

"In a recessionary environment, we recommend infrastructure and back office application platform vendors, with more resilient spend," analysts at BofA said.