US stocks plunge on growth concern, US-China trade tension

US stocks plunged, with technology shares again bearing the worst of the selling amid US-China trade tensions and as the latest batch of economic data added to concern that growth has peaked.

The S&P 500 is on course for a weekly decline of 4.6 per cent, which would be the worse on a closing basis since March. The benchmark index fell to session lows after breaching the 2,650 level that had stopped earlier declines.

The trade outlook appeared to take a negative turn, with the US alleging that Huawei breached sanctions to do business with Iran.

Stocks had opened higher after the November jobs report showed moderation in the labor market, giving succor to proponents for a slower pace of Fed interest-rate increases.

Treasuries fluctuated on the data before settling higher as risk aversion increased. The dollar remained lower.