S&P 500 tries to avoid worst streak since 2022; Nasdaq Composite, Dow Jones near flatline

Stocks saw a brief respite midweek after the Federal Reserve maintained its outlook for two rate cuts in 2025, but broader concerns kept risk appetite in check.

The S&P 500 wavered on Friday, trimming most of its losses but still struggling to break a four-week losing streak, as trade jitters, recession fears, and a tech sell-off kept investors on edge. A fifth consecutive weekly decline would mark the index’s worst losing streak since 2022, underscoring the persistent unease gripping Wall Street.

The benchmark index dipped 0.2 percent, clinging to a modest weekly gain of under 0.2 percent. The Nasdaq Composite hovered near the flatline, while the Dow Jones Industrial Average shed 43 points, or 0.1 percent.

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Volatility spiked in the afternoon after President Donald Trump hinted at potential "flexibility" on tariffs, though he reiterated that new duties set for April 2 would be reciprocal. "If other countries impose tariffs on us, we’ll do the same," he said.

Economic bellwethers bore the brunt of the selling. FedEx plunged 8 percent after cutting its earnings outlook, blaming "weakness and uncertainty in the U.S. industrial economy." Nike slipped about 5 percent, warning that tariffs and softer consumer confidence would likely lead to a revenue miss this quarter.

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The S&P 500 briefly flirted with correction territory during its pullback from late February highs. While still about 8 percent below its record peak, it remains short of the 10 percent decline that typically defines a correction. Despite sporadic rebounds—including Wednesday’s 1 percent jump after the Federal Reserve reaffirmed plans for two rate cuts this year—markets have struggled to find lasting momentum.