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Major U.S. stock indexes closed down more than 2% on Friday. Large Internet and technology stocks led the market to a general decline. Major stock indexes all recorded their biggest weekly percentage decline since March, triggering a sharp shock in U.S. stocks due to concerns about trade tensions and interest rates between the United States and China.
The S&P 500 almost erased all gains a week ago, when it recorded its biggest one-week gain in seven years.
Stock markets have been in turmoil this week after the two countries reached a trade truce agreement in Argentina over the weekend. Investors are looking in the news for signs of whether the trade tension clouds over the stock market will dissipate.
White House trade adviser Navarro said U.S. officials would raise tariffs if the two countries failed to reach an agreement during the 90-day negotiations, reigniting concerns about U.S. -China trade relations.
In addition to trade, Wall Street is also concerned about Treasury yields and the direction of the Federal Reserve's (FED/Fed) interest rate policy, with some investors expecting a slower rate increase than previously expected.
"It's a crisis of confidence in the state of trade, and besides that, given that the Fed has to change its attitude soon, there may be a little crisis of confidence in the Fed," said Walter Todd, chief investment officer of Greenwood Capital Associates.
The Dow Jones industrial average. DJI fell 558.72 points, or 2.24%, to 24,388.95; the S&P 500 index. SPX fell 62.87 points, or 2.33%, to 2,633.08; and the Nasdaq index. IXIC fell 219.01 points, or 3.05%, to 6,969.25.
Technology stocks fell sharply, with the S&P 500 technology index falling 3.5%. Among S&P's major sectors, the healthcare sector, which rose the most this year, fell 2.5%.
The 50-day moving average of the S&P 500 index falls below the 200-day moving average, a phenomenon known as "death crossover", which some market observers regard as a short-term bearish signal.


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