Last Friday, the share indexes of the United States of America, dropped by more than 2 percent. It rounded off a dismal week as the uncertainty of the trade war between China and the United States continued. It left them down by more than 4 percent for the week.
Last Friday, both the Dow Jones and the S&P 500 dropped by approximately 2.3 percent while the Nasdaq was down by more than 3 percent.
The shares of various technology and healthcare companies led the losses, however, every sector suffered some losses. It comes after the arrest of Meng Wanzhou, the chief financial officer of Huawei, in Canada. He faces charges of fraud in the United States of America. His arrest triggered a sell-off in Asia-Pacific markets.
It reignited the concerns that the trade tensions between the United States and China could continue despite a 90-day truce being made between Chinese President Xi Jinping and US President Donald Trump in Argentina last week.
Peter Navarro, the trade adviser of the White House, elevated the concerns with comments that the United States would increase the tariff rates if the two countries would not be able to come to an agreement during the 90 days that will round off a turbulent week of trading.
As well as the charges against the Huawei boss, fears regarding economic growth were renewed after a disappointing jobs report. It revealed that job growth lagged last November and the wages rose less than what was originally forecasted.
The S&P 500 lost 56.59 points, the Dow Jones Industrial Average dropped by 530.51 points to 24,417.16, to 2,639.36 and the Nasdaq Composite fell by 185.77 points to 7,002.49.
The tech sector of the S&P 500 was down by 3.1 percent, while the shares of healthcare companies, which is considered as the biggest gainer among the major the sectors of the S&P this year, fell by 2.5 percent.