After fluctuating early in the session, stocks moved sharply lower over the course of the trading day Friday. The major averages climbed off their worst levels going into the close but remained firmly negative. The Dow tumbled 2.2 percent, the Nasdaq plunged 3.0 percent and the S&P slumped 2.3 percent. For the week, the Nasdaq nosedived 4.9 percent while the Dow and the S&P plummeted 4.5 percent and 4.6 percent, respectively. Lingering skepticism regarding the US/China trade talks also weighed on sentiment.

US stocks staged a late day rally that left them still down on the day on a report that the Fed might pause from interest rate increases. The Dow Jones industrials were down 0.3 percent, the S&P lost 0.2 percent but the Nasdaq rebounded 0.4 percent. The rebound was partly attributed to a report from the Wall Street Journal indicating Federal Reserve officials are considering signaling a "wait-and-see mentality" after a likely interest rate increase later this month.