Dow Jones tumbles 750 basis points, marking worst weekly loss since October

US stock indices lost ground on Friday amid concerns about the trade war, with the losses widened after negative data that showed US consumer confidence tumbled to 15-month lows in February. 

Earlier data from S&P Global showed the US services PMI tumbled to 49.7 in February from 52.9 in January, the first contraction in two years.

Conversely, the US manufacturing PMI edged up to 51.6 in February from 51.2 in January, beating estimates of 51.5.

The combined PMI fell to a 17-month low at 50.4, but still held above the 50 barrier.

Separately, the Michigan consumer confidence index fell 10% m/m to 64.7 in February from January’s 71.7.

The recently released Federal Reserve’s meeting minutes concerns among members about US President Trump’s new tariffs and their impact on inflation, in addition to the policies about tax cuts and immigration.

Fed members considered the possibility of factors impeding further progress in bringing inflation towards 2%, including tariff and immigration policies.

Dow Jones was down 1.7% at the close, or 748 points at 43,428 points, with a session-low at 43,349 points.

S&P 500 fell 1.7%, or 104 points to 6013 points, with a session-low at 6008 points.

NASDAQ shed 2.2%, or 438 points to 19,524 points, with a session-low at 19,511 points.