Wall Street Tumbles Amid Economic Data and Earnings Uncertainty

Wall Street closed lower on Friday as tech stocks led declines amid mixed economic data and earnings reports. Investors are cautious ahead of the Federal Reserve meeting and ongoing policy uncertainty from President Trump. Major indexes have still seen two straight weeks of gains.

Wall Street's main indexes faced a downturn on Friday, influenced by investors who pulled back as they navigated through a blend of economic data and corporate earnings reports. Preparations for the week, which includes significant economic disclosures and a Federal Reserve meeting, led to market uncertainty.

The technology sector, hit by substantial declines in previously soaring stocks like Nvidia, played a significant role in dragging the market lower. Economic indicators were mixed, with a surge in housing market data contrasting a slowdown in business activity despite an uptick in hiring.

Looking ahead, investors are focusing on next week's crucial economic data and Federal Reserve meeting, while monitoring policy announcements from the Trump administration that could impact inflation and interest rate trends, amidst existing policy ambiguities.

(With inputs from agencies.)