Fed Chair Jerome Powell’s remarks and the March nonfarm-payroll report on Friday will need to deliver for a stock market reeling from a brutal selloff.

Global markets on Thursday were severely rattled by President Donald Trump’s historic tariff announcement, which threatens to throw the US and the rest of the world into a recession.

The U.S. and global markets have already started to feel the impact of Trump’s tariffs, with the U.S. stock market taking the worst hit thus far. The Wall Street slump and global dip in stocks have sparked fresh fears in economists and concerns as to whether the U.S. is heading into a recession.