US equity indexes fell, with the S&P 500 reportedly set for a fifth straight week of declines as investors navigated mounting economic uncertainty.

The Nasdaq Composite fell 0.1% to 17,668.1 after midday on Friday, clawing back some of its intraday declines. The S&P 500 fell 0.3% to 5,646.2 but was off session lows. The Dow Jones Industrial Average slipped 0.1% to 41,896.2, staging a partial recovery from earlier in the session. All sectors, except communication services and consumer discretionary, were in the red intraday, with materials the steepest decliner.

Shares of FedEx (FDX), a bellwether, slumped past 7.8% intraday, the worst performer on the S&P 500. The company overnight lowered its fiscal 2025 outlook for adjusted earnings and softened its revenue forecast. Loop downgraded FedEx to sell from hold and lowered its price target to $221 from $283, while JPMorgan cut the price target to $280 from $323.

NIKE's (NKE) shares dropped 4.7% intraday, the steepest decliner on the Dow, after the sportswear apparel and footwear company overnight reported lower fiscal Q3 earnings and revenue.

US economic growth will likely slow in line with the updated forecasts in the Summary of Economic Projections, New York Federal Reserve President John Williams said at a conference on Friday.

"I expect [gross domestic product] growth this year to step down from last year's pace in part because of a slowdown in labor force growth due to lower immigration rates," Williams said. "But it's hard to know with any precision how the economy will evolve. Uncertainty is high, and there are many scenarios that could play out, depending on fiscal and trade policies and geopolitical and other developments."

While inflation expectations in the near term have been rising due to concerns about the impact of tariffs, those effects will likely moderate over time based on New York Fed data, Williams said. "This analysis indicates that households expect an inflation shock will gradually decay over the ensuing years."

US Treasury yields traded mixed intraday, with the 10-year yield up 1.9 basis points to 4.25% while the two-year rate slipped less than one basis point to 3.95%. Both maturities headed lower compared with a week ago, reflecting in part the market's growth concerns.

The Organization for Economic Co-operation and Development (OECD) cut its outlook for 2025 global economic growth to 3.1% from 3.3% this week, saying US policies will likely hamper trade and further slow China, the world's second-largest economy.

The US will probably impose a blanket 25% tariff on imports from Canada and Mexico on April 2, topping up the 25% levy it placed on aluminum and steel imports globally and 10% additional on China. European Union delayed the first round of tariffs on goods from the US to allow time for a deal with American officials, a spokesperson from the EU told the New York Times.

Further, in company news, Boeing (BA) received a firm order for 18 737-8 and 12 737-10 Max jets from Malaysia Aviation Group, along with options for 30 more aircraft, the companies said Friday. Meanwhile, market speculation is the company won a US government contract to design and build a fighter jet. Shares of Boeing jumped 5.7% intraday, among the top performers on the S&P 500.

Gold futures fell 0.8% to $3,018.11, while its silver counterpart dropped 1.4% to $33.51.