The S&P technology sector was dragged down as well over fears there might be tighter regulation on how these companies use people's data. The S&P 500 is down 3.9% for the week, 8% off its high, and well above its February 9 low.
Overseas markets closed mostly lower. Amid fears of an apparent trade war, the Dow Jones Industrial Average was trading 103 points higher at 24,061.17, up 0.43%. It's not clear which products will be hit, but the action is aimed at curbing China's troubling theft of U.S. intellectual property. Still, Donisanu said that after last year's rally, investors are looking for new reasons to feel optimistic about stocks. The body would probe into China's unfair trade practices and would publish a list of targeted products within 15 days.
The Dow closed at 23,595, plunging 723 points, or 2.93 percent. By late morning in Japan, the benchmark Nikkei 225 index was down 3.5 percent at 20,827.92. Google-parent Alphabet fell 3.6 percent and dipped into correction territory. On Thursday, the Dow had plunged 729 points, or 3 percent, by the closing bell.
The Dow lost 5.7 percent this week, leaving it nearly 5 percent below the level where it was before Congress passed Trump's sweeping tax overhaul in late December.
"This morning markets were likely to be down because Facebook and other tech companies having difficulty and the tariff announcement just basically held buyers back, nobody wanted to step in front of the announcement just in case", said Jamie Cox, a managing partner for Harris Financial Group in Richmond, Virginia. The Commerce Ministry announced a list of US goods, including pork and aluminum pipe, that could be slapped with higher tariffs in response to the USA move. Brent crude, used to price worldwide oils, lost 66 cents, or 1 percent, to $68.41 a barrel in London. The dollar fell to 104.82 yen from 105.61 yen.
Wholesale gasoline remained at $2.01 a gallon. Core capital goods rose 1.8%, up from a 0.4% decline in January, and vs. estimates for a 0.7% gain. Heating oil added 3 cents to $2.02 a gallon.
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