Havens in, tech stocks out may be the theme for Friday.

Investors seem eager to insure themselves against geopolitical tensions that have flared up in the Middle East and Hong Kong this week, with gold vaulting on Friday. Meanwhile, U.S. technology stocks might not win any popularity contests as a red flag cropped up over how the trade war is biting that industry.

Tech conglomerate Broadcom is sliding in premarket activity after slashing its revenue guidance, citing a hit from an export ban on big Chinese customer Huawei, so it could be the Nasdaq COMP, -0.52%  that leads the market south as traders head into the weekend.

Trade tensions are also one reason DoubleLine Capital Chief Executive Officer Jeffrey Gundlach now sees a bigger chance of a recession hitting U.S. shores in the not-too-distant future.

Providing our call of the day, Gundlach predicted a 40% to 50% chance of a U.S. recession within the next six months and a 65% chance of that happening in the next 12 months, in a webcast to clients late Thursday, according to a roundup of his comments from Reuters and other media outlets. He said signs of a slowdown on the global economic front are also a worry.

Read: China’s economy cools further in May

The so-called bond king and closely watched market forecaster isn’t the only one starting to fret. JPMorgan’s chief quant strategist Marko Kolanovic said in a note this week that President Donald Trump’s trade battles have cost U.S. companies trillions, and could trigger a downturn that would end up being known as the “Trump recession.”

Meanwhile, Morgan Stanley reported Thursday that its closely watched Business Conditions Index fell by the most on record in June to a level of 13, nearing levels not seen since the downturn of 2008, though economist Ellen Zentner said their analysts weren’t really blaming that on trade…….more here