Stocks fell on Friday, capping off a volatile week for investors as rising trade fears and a tech sell-off led to broad weekly losses.
The Nasdaq Composite fell 0.3 percent to 7,902.54, led by declines in Apple, Amazon and Alphabet. The tech-heavy index posted its fourth straight loss — its first since April — and is worst start to September since 2008.
The S&P 500 pulled back 0.2 percent to close at 2,871.68 as utilities and real estate both dropped more than 1 percent. The index also posted its first negative week in five.
The Dow Jones Industrial Average declined 79.33 points to 25,916.54 as Intel lagged. The Dow also snapped a three-week winning streak.
For the week, the Nasdaq dropped 2.6 percent, while the S&P 500 and Dow declined 1 percent and 0.2 percent, respectively.
President Donald Trump, speaking from Air Force One, said Friday the U.S. is ready to slap tariffs on an additional $267 billion worth in Chinese goods. His remarks come after a deadline for comments regarding tariffs on another $200 billion in Chinese goods had passed last night.
"The $200 billion we're talking about could take place very soon, depending on what happens with them," Trump said. "I hate to say this, but behind that, there's another $267 billion ready to go on short notice if I want."
The iShares China Large-Cap ETF (FXI), which tracks certain Chinese stocks, fell to close 1.1 percent lower. The iShares MSCI Emerging Markets ETF (EEM) also dropped 0.5 percent to close in a bear market.
They also come after the Wall Street Journal reported, citing U.S. officials, that the possibility of the U.S. and China reaching a trade deal are fading as the Trump administration tries to revamp the North America Free Trade Agreement (NAFTA). Meanwhile, Bloomberg News reports that the U.S. and Canada will likely end the week with no trade deal in place.
"There are lots of uncertainties in the market right now," said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. The U.S. has been largely resilient, but "there are significant storm clouds that are gathering."