US STOCKS-Wall St falls on tariff woes; FedEx slides after bleak forecast
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.)
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Indexes off: Dow 1.05%, S&P 500 0.87%, Nasdaq 0.79%
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Micron falls on conservative gross margin forecast
(Updates for market open)
By
adjust
its annual projections due to economic uncertainties.
The delivery companies weighed on the Dow Jones Transport Index, which is often seen as a gauge of U.S. economic health. The index fell 2.1% and has lost over 19% from its November all-time peak.
Airlines such as Delta and United also dragged the index lower, after
, sparking global travel turmoil.
In an interview, Chicago Federal Reserve President
noted
that the current conditions could "maybe" a shock to the economy.
Separately, New York Fed President
reiterated the U.S. central bank's monetary policy stance, given the uncertainty.
Lingering fears of a prolonged global trade war, threatening to unravel economic stability and squeeze corporate profits, have cast a shadow over markets.
Markets now await President
"We really don't know what the wild card is coming out of
At
Materials led declines among the 11 S&P 500 sectors with a 1.7% drop.
Friday's session also marks the simultaneous expiry of quarterly derivatives contracts tied to stocks, index options and futures, also known as "triple witching", which added to market volatility.
On a weekly scale, the benchmark S&P 500 index is on
track to mark its fifth-straight week in the red - its longest
weekly losing streak since
The tech-heavy Nasdaq is on track to record its longest weekly losing streak in nearly three years, while the blue-chip Dow is positioned for marginal gains.
Earlier in the week, investors took some comfort from
comments of Fed Chair
Traders are pricing in approximately 70 basis points of rate
cuts from the Fed this year, according to data compiled by LSEG.
Declining issues outnumbered advancers by a 4.22-to-1 ratio
on the
The S&P 500 posted nine new 52-week highs and 16 new lows,
while the Nasdaq Composite recorded 14 new highs and 116 new
lows.
(Reporting by
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