The S&P 500 finished Friday lower by more than 5%, completing a weekly decline of almost 10% — a steep response to the latest increase in trade tensions and growing economic uncertainty. Markets were shaken by Liberation Day pronouncements, which represented a dramatic change in U.S. trade policy, increasing the effective U.S. tariff rate. The ross-industry volatility exploded, with numerous sectors seeing 4-5 standard deviation movements, pointing towards widespread weakness on the back of concerns about consumer spending, inflation, and even recession risks.