U.S. stocks recede as Trump's policy agenda at risk of crumbling

WASHINGTON DC- JUNE 01 National Economic Council Director Gary Cohn wipes away sweat while listening to President Donald Trump announce his decision for the United States to pull out of the Paris climate agreement in the Rose Garden at the White House

The broad-based S&P 500 fell 1.5 percent, and all 11 sectors of the index retreated, with financials and technology among the hardest hit.

As of Thursday's close, the benchmarks are now on track for weekly losses around 0.5%.

It was only the fourth session this year in which the S&P lost more than 1 percent in a day.

This was compounded after the White House said the president's advisory council on infrastructure "will not move forward". Also weighing on the greenback was today's terrorist attack in Barcelona, Spain which resulted in a number of casualties.

At about 5 p.m. Thursday local time, or 11 a.m. Islamic State has claimed responsibility (http://www.marketwatch.com/story/islamic-state-takes-credit-for-deadly-barcelona-attack-on-pedestrians-2017-08-17) for the terror attack. Similar attacks have killed well over 100 people in Nice, Berlin, London and Stockholm.

But you won't get the White House to admit it.

A former banker of Goldman Sachs, Mr. Cohn is perceived on Wall Street as a guarantee of stability in a government plagued with difficulties. The firm said it is reluctant to make too much out of media chatter "other than simply a nod to the risk as the market enters a relatively quiet period". Industrial production increased 0.2 percent in July over June's data, coming in slightly below market expectations of a 0.3 percent pick up.

The yield on the 10-year Treasury note fell to 2.18% by 4 p.m. ET, a 10 basis point drop from the high point early Wednesday.

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South Korea joint drills may bring catastrophe to region, says Pyongyang
Moon said he believes dialogue with North Korea can happen when North Korea halts missile and nuclear tests. On July 4, he spoke about the issue in a reception with former UK Prime Minister David Cameron.

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Small-cap stocks also sold off.

The Dow began to drop on Thursday as reports that the ex-Wall Street man was planning to resign started to circulate.

On Wednesday, U.S. Secretary of Veterans Affairs David Shulkin told journalists that he was "outraged" as a Jewish American by the activities of white supremacists groups and neo-Nazis and could not hold his feelings but to speak out against them.

On the earnings front Friday, Foot Locker Inc.(FL), Deere & Co.(DE) and Estée Lauder Cos.(EL) are all slated to report ahead of the bell.

On the economic calendar for Friday, the University of MI was scheduled to release a preliminary reading for its consumer confidence index in August.

Moreover, " when, in August, the market share in one direction, it is complicated to stop it, because the low volume of trade tends to exaggerate the trends", he added.

Oil prices continued higher on Friday, rising 0.4% to $47.27 a barrel.

Gold broadly held gains, while on forex markets the dollar languished below 109.5 yen as safe haven assets received a boost from renewed geopolitical tensions.

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