- The Nasdaq Composite Index lost 65.20 points to reach 8,117.67, a decline of 0.8%.
- The Dow Jones Industrial Average lost 160.60 points, or 0.59%, at 26,934.19.
- The S&P 500 index dropped 14.89 points, or 0.5%, to 2,991.90.
The technology sector dragged US stocks lower on Friday following the news that the Chinese delegation, visiting the US negotiators this week, cancelled plans to visit farms in Montana as a part of its negotiations with the U.S. delegation - President Trump declared he would not accept a partial trade deal.
The benchmarks closed in the red for the first weekly decline in a month and the Dow Jones Industrial Average lost 160.60 points, or 0.59%, at 26,934.19, while the S&P 500 index dropped 14.89 points, or 0.5%, to 2,991.90. The Nasdaq Composite Index lost 65.20 points to reach 8,117.67, a decline of 0.8%.
US data will also be key
Looking ahead to next week, US data will be a keen focus following the Federal reserve's announcements earlier in the week.
"The Markit PMI will offer a preliminary first look at countrywide manufacturing activity for September, with the market looking for an unchanged print at 50.3. This stands in contrast with the ISM manufacturing reading, which dipped below 50 in August. Conversely, the preliminary Markit services PMI is projected to have advanced to 51.5, up from 50.7 in August,"
analysts at TD Securities explained.
The bearish dojis have weighed on the index and the DJIA had dropped back below the 4-hour 21 moving average casting a bearish outlook for next week's open. Bears can then target the 21-day moving average, the 50 and then the 200-day MA (25756). Further below lies the May and June lows on the wide in the 24700s as a double-bottom target.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.