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TOKYO (Reuters) -Equities slumped across Asia on Friday and the U.S. dollar hovered near multi-week highs against the currencies of the country's top trading partners as concerns about an escalating global trade war soured market sentiment. Technology shares took an additional hit following a sell-off in AI darling Nvidia and other so-called "Magnificent Seven" Wall Street mega-cap stocks, as investors judged the chipmaker's earnings report harshly a day after it was released. The safe-haven yen and Swiss franc strengthened, with Japan's currency getting an additional boost from lower U.S. Treasury yields.

Oil prices fell more than 1% on Friday and were headed for their first monthly drop since November, as markets braced for Washington's tariff threats and Iraq's decision to resume oil exports from the Kurdistan region. Uncertainty surrounding OPEC's production resumption plans in April and ongoing talks to end the war in Ukraine also weighed on investor sentiment. The more active May Brent crude futures slipped 81 cents, or 1.1%, to $72.76 a barrel by 1410 GMT.

Investors unnerved by the prospect of U.S. President Donald Trump's impending tariffs drove a wave of selling on Friday that hit risk-sensitive currencies such as the Australian dollar and sent bitcoin tumbling, thereby boosting the dollar. On Thursday, Trump said his proposed tariffs of 25% on Mexican and Canadian goods would take effect on March 4, along with an extra 10% duty on Chinese imports, defying expectations of those who hoped for a further delay in the levies.

Bettors on Polymarket, which became famous for accurately calling the 2024 election, see slim chances DOGE will achieve some of its big goals.

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Some investors are taking advantage of the heightened volatility by "buying the dip."

Investors have pulled nearly $3 billion from spot bitcoin ETFs in the past week, while gold ETFs are seeing massive inflows—signaling a major shift in market sentiment.

The software firm beat earnings and gave strong guidance that played up new AI tools for customers. It's outlook for product revenue beat estimates.

The Trump administration's economic policy will be one of high tariffs, reduced regulations and investment in weapons, according to the president's nominee for top economic advisor.

Neighborhood social network Nextdoor (NYSE:KIND) beat Wall Street’s revenue expectations in Q4 CY2024, with sales up 17.4% year on year to $65.23 million. On the other hand, next quarter’s revenue guidance of $53 million was less impressive, coming in 13.7% below analysts’ estimates. Its GAAP loss of $0.03 per share was $0.01 above analysts’ consensus estimates.