Traders work on the New York Stock Exchange (NYSE) floor on March 03, 2025 in New York City.
Spencer Platt | Getty Images
S&P 500 futures pulled back on Friday, with the benchmark headed for its worst week since September as the salvo of trade policy actions unnerved investors.
Futures connected to the broad index retreated 0.2%. Nasdaq 100 futures shed 0.1%. Futures tied to the Dow Jones Industrial Average slid 142 points, or 0.3%.
A weaker-than-expected jobs report released Friday raised further concerns about an economic softening and sent rates lower. Nonfarm payrolls increased by 151,000 jobs in February, less than the consensus forecast for 170,000 from economists polled by Dow Jones. The unemployment rate ticked higher to 4.1%.
That came as stocks have been on a roller-coaster ride this week with President Donald Trump’s tariff policies worrying investors about future U.S. growth and inflation. Trump said on Thursday that a swath of goods from Canada and Mexico that are covered by the North American trade agreement known as USMCA would be exempt from the announced duties until April 2.
That move effectively walked back much of the original plan. But the market still sold-off, with uncertainty mounting amid constant updates and a lack of clarity around what to expect longer term.
“The week confirmed that tariffs remain a wildcard for market confidence,” said Mark Malek, investment chief at Siebert Financial. “Traders are exhausted from the back-and-forth.”
On Thursday, the blue-chip Dow lost more than 400 points, and the Nasdaq Composite fell into correction territory, ending the session more than 10% off its all-time high. This latest market rout put the three major averages on course for their worst week since September 2024. The S&P 500 is off 3.6% week to date, while the 30-stock Dow is down 2.9%. The Nasdaq is the underperformer of the period, down 4.1% so far this week.
Treasury Secretary Scott Bessent acknowledged to CNBC Friday that the economy could be starting “roll a bit.” However, Bessent said that was due to a transition from the policies of the previous administration. Bessent said any tariffs implemented would be a “one-time price adjustment” and not spark lasting inflation.
“The stock market is moving in lockstep with tariff headlines, and that is likely to keep volatility very elevated for the foreseeable future, as the market does not like uncertainty,” said Glen Smith, chief investment officer at GDS Wealth Management. “While we expect the market to find its footing and recover from the tariff-driven selloff, investors should brace for continued choppiness until these uncertainties clear.”
Broadcom offered a silver lining in Friday’s premarket, with the artificial intelligence play rallying more than 9% on strong earnings. AI darling Nvidia also popped before the bell.
