All S&P main indexes were down sharply, but industrials, financials, energy and materials sectors led the declines, with S&P industrials .SPLRCI down 2.7 percent.
With administration officials sounding conciliatory one day and hostile the next and the president frequently quick to fire off another tweet, investors simply don't know what the US wants to achieve in its talks with China, said Katie Nixon, chief investment officer for Northern Trust Wealth Management. But late Thursday, Trump ordered the U.S. Trade Representative to consider placing more tariffs on Chinese imports.
Omar Aquilar, Chief Investment Officer at Charles Schwab in San Francisco, said equity investors may have reacted too soon as fixed income and currency markets appeared unperturbed by the exchange between China and the United States.
Caterpillar dropped 3.5 percent, the most in the Dow.
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Fellow cast member Nicole "Snooki" Polizzi also had her input when it came to why Giancola opted to not return. News that, "She's happy in her current relationship and didn't want to be disrespectful of that".
Investors will also tune into Fed Chairman Jerome Powell's speech at an event later in the day for signs the central bank could raise rates more than the expected two more times this year.
Over the course of the day 202 shares traded hands, as compared to an average volume of 2,300 over the last 30 days for Rex Gold Hedged S&P 500 ETF (NYSEARCA:GHS). Still, Pride said all of the proposed tariffs add up to a pretty small fraction of trade between the US and China, and overall, they wouldn't affect the nation's economy that much if they do go into effect.
Separately, Brookstone Capital Management bought a new stake in shares of Direxion Daily S&P 500 Bull 1.25X Shares in the 4th quarter worth approximately $5,814,000. Heating oil lost 2 cents to $1.96 a gallon. Japan's Nikkei 225 Index jumped by 1.5 percent, while Australia's S&P/ASX 200 Index rose by 0.5 percent.
Industrial companies were especially hard hit by the escalation in trade tensions Friday. Employers added 103,000 jobs last month, the weakest showing in months, and January and February's numbers were also revised lower.
The next chart highlights that the 10-year yield has spent the majority of the past 25-years inside of a falling channel.