Major US indices stumbled after US President Donald Trump said he might cancel trade talks with China scheduled for September and that the US would not do business with Chinese tech company Huawei.Trump's hardline stance on trade came amid a stream of mostly downcast economic data from overseas economy, including poor British and Chinese data Friday.
"The trade back and forth between the US and China is huge on the market," said FTN Financial's Chris Low, who also cited heightened recession risk as a drag on stocks.The broad-based S&P 500 slid 19.44 points to 2,918.65, while the tech-rich Nasdaq Composite Index tumbled 80.02 points to 7,959.14.
US stocks rallied on Thursday from recent lows, but Friday's session meant all three indices finished with weekly losses. Uber plunged 6.8 per cent after it reported a bigger-than-expected US$5.2 billion loss in the second quarter, exacerbating worries about the ride-hailing company's long-term path to profitability.
Mattel tumbled 15.8 per cent after the toy company abruptly cancelled a debt offering to raise US$250 million, saying it received"an anonymous whistleblower letter" that it needed to investigate.Symantec gained 0.3 per cent after officially announcing a deal to be bought by Broadcom for US$10.7 billion, while Broadcom gained 1.8 per cent. Symantec had risen 12.2 per cent on Thursday ahead of the announcement.