Wall Street is reeling from China's new 34% tariff on U.S. imports, escalating the trade war and causing U.S. stock index futures to plummet. The move has sparked fears of a global economic slowdown, with tech giants and companies with Chinese exposure seeing significant stock declines, while the market's fear gauge soars. Amidst this turmoil, investors are keenly awaiting Fed Chair Powell's speech for hints at interest rate cuts, while the upcoming U.S. Labor Department report is expected to show a chilling effect on job growth due to the trade tensions.