The S&P 500 Index ($SPX) (SPY) on Friday closed down -2.71%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.90%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -3.49%. December E-mini S&P futures (ESZ25) fell -2.61%, and December E-mini Nasdaq futures (NQZ25) fell -3.39%.
Stock indexes gave up an early advance on Friday and sold off sharply, with the S&P 500 and Nasdaq 100 sliding to 2-week lows and the Dow Jones Industrials dropping to a 1-month low. Stocks plummeted as US trade tensions escalated with China after President Trump threatened a "massive increase" of tariffs on Chinese goods, citing China's recent "hostile" export controls on rare-earth minerals. Mr. Trump also said there seems to be no reason to meet Chinese President Xi Jinping at the APEC meeting in South Korea later this month.
