A looming global trade war sent the markets into a tailspin with the Dow collapsing 724 points to 23,957. Nasdaq crashed 178 points to 7166.

On the upside

The government spending bill reinstated the pass-through status of Omeros' (Nasdaq: OMER) cataract surgery drug Omidria.

The Food and Drug Administration approved Teligent's (Nasdaq: TLGT) Halobetasol Propionate Ointment, 0.05%.

Raymond James upgraded Pandora Media (NYSE: P) from a Market Perform rating to a Strong Buy rating.

On the downside

News that U.S. allies Argentina, Australia, Brazil and Europe will be shielded from steel and aluminum tariffs sent shares of Century Aluminum (Nasdaq: CENX) and U.S. Steel (NYSE: X) tumbling.

Herman Miller (Nasdaq: MLHR) reported higher third quarter earnings and revenue but the stock price plunged.

G-III Apparel Group (Nasdaq: GIII) reported a loss for the fourth quarter and forecast fiscal 2019 results below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 sank 68 points to 2,643. Bitcoin plunged $329 to $8,592.