^GSPC) climbed more than 2.1% after the benchmark index sank

^GSPC) climbed more than 2.1% after the benchmark index sank

The broader-based index sank on Thursday to close in correction territory. The Nasdaq Composite (NASDAQ:IXIC) had its best day since the day after the election, rising 2.6% as tech stocks soared. The Dow Jones Industrial Average (NYSE:DJI) moved up more than 600 points, or 1.6%.

Both the S&P 500 (NYSE:GSPC) and the Nasdaq Composite (NASDAQ:IXIC) slipped into correction territory this week amid heightened volatility sparked by President Donald Trump's shifting plans for tariffs on goods from China and the European Union. All three major U.S. stock indexes registered weekly losses of more than 2%.

Senate Minority Leader Chuck Schumer backed off a threat to block a funding bill aimed at averting a government shutdown at the weekend, paving the way for lawmakers to pass the measure.

World markets slid on Friday as Trump's rolling tariff shifts battered traders and economists struggled to decipher mixed signals from U.S. economic data.

Most closely followed was the University of Michigan's final reading for March consumer sentiment, which came in at 57.9, well below expectations of 63.

The University of Michigan's final reading for the consumer sentiment index slid this month to its lowest since November 2022 as rising food and housing costs continued to weigh on consumers. Economists polled by Investing.com had expected the index to slip to 64.7 from April's preliminary reading of 64.7. However, the index slid to 57.9, below expectations and down sharply from February's revised reading of 62.9.

"Consumers are struggling to keep pace with rising prices, especially for food and housing," said Paul Smith, acting director of the survey. "Although job losses remain low, the softening labor market is evident in declines in hiring activity and a slip in consumer confidence to its lowest level in 16 months."

The survey's inflation expectations in the year ahead slid to 2.7%, the lowest reading since August 2021, from 3.8%. Economists had expected the reading to slip to 3.1%. The inflation expectations over the next five years also slid to 2.3%, below economists' projections of 2.4% and the lowest reading since December 2020.

Dow futures (1 point) (0.0%) rose slightly on Friday morning after the Dow Jones Industrial Average (NYSE:DJI) fell 0.8% on Thursday. S&P 500 futures (0.5%) and Nasdaq futures (0.4%) slid after the broader-based index sank to enter correction territory with a 1% fall on Thursday, while the tech-heavy Nasdaq Composite (NASDAQ:IXIC) had its best day since the day after the election with a 2.6% gain.

Tech stocks led the way as all three major averages rebounded to cap a volatile week on Wall Street. However, the Dow, S&P 500, and Nasdaq were on track to close the week down.

The world's largest cryptocurrency Bitcoin (BTC) (0.0%) was trading flat on Friday after slipping to a seven-week low on Thursday. The token slid 1.5% on Thursday after a seven-session winning streak.

Bitcoin slid to as low as $78,000 on Thursday, slipping below the $80,000 level for the first time since early February amid a broad sell-off in riskier assets sparked by President Donald Trump's shifting plans for tariffs on goods from China and the European Union.

The U.S. president dealt a blow to trade talks with China on Thursday, saying he did not plan to "bend at all" in the escalating round of tit-for-tat tariffs. Trump’s administration was preparing to slap 200% tariffs on European Union alcohol as part of a move to hit back at the bloc's aircraft subsidies.

The world's no.2 economy also announced plans on Friday to cut taxes and boost government spending in a bid to prop up the floundering economy amid a trade war with the U.S. and a slowing global growth outlook.

China's State Council said in a statement that it will cut taxes and fees by 300 billion yuan ($42.34 billion) this year and increase government spending by 1.2 trillion yuan.

The move comes after China's economic growth slowed more than expected in the first quarter to 6.0% year-on-year, the weakest pace since the final quarter of 2017. Economists polled by Investing.com had expected growth to slow to 6.3% from the fourth quarter's 6.4%.

The world's second-largest economy grew