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U.S. STOCKS DROP AMID CONCERNS OVER CONSUMER, ECONOMY

The Dow .DJI and S&P 500 .SPX each ended more than 1% lower on Friday in their biggest daily percentage drops since December, while the Nasdaq .IXIC fell more than 2%, as a report showing U.S. consumer sentiment dropped more than expected in February fanned worries about the outlook for the consumer and the economy.

Sentiment dropped to a 15-month low in the month, with consumers worried that President Donald Trump's plans for steep and broad-based tariffs would pinch their purchasing power. Other economic reports on Friday also disappointed.

The news followed a downbeat forecast from retailer Walmart WMT.N on Thursday, which sparked worries about the consumer.

The Dow transportation average .DJT fell more than 2.5%, while the small-cap Russell 2000 .RUT dove nearly 3%.

Even with Friday's declines, Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana, said one technical trend investors watch - the Dow Theory - was still implying a bullish signal.

With this, traders are watching DJI price action vs its 41,398.45 January 10 closing low, and DJT price action vs its January 2nd closing low at 15,823.27.

"A new intermediate low would be something you wouldn't want to see but for the Dow Theory to turn bearish, you need closes below those low points for the industrials and the transports," said Carlson.

Here is the closing market snapshot:

(Caroline Valetkevitch, Sinead Carew)

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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:

BUYBACKS LOOKING STRONG SO FAR THIS EARNINGS SEASON - CLICK HERE

INDIVIDUAL INVESTOR PESSIMISM PULLS BACK - AAII - CLICK HERE

WITH SO MUCH DOUBT, A RISK-OFF STANCE MAY HELP - CLICK HERE

CHINA TECH REBOUND NOT QUITE ENOUGH TO CHASE THE BEARS AWAY - CLICK HERE

THE COMING STORM: FLASH PMI, HOME SALES, UMICH - CLICK HERE

U.S. STOCKS DIP, WITH TRANSPORTS DOWN MORE THAN 2% - CLICK HERE

BENCHMARK TREASURY YIELD: STILL STUCK IN THE WEEDS - CLICK HERE

"CELTIC TIGER" LEAPS TO NEW RECORD HIGH - CLICK HERE

DON'T READ TOO MUCH INTO UK RETAIL SALES, ECONOMISTS SAY - CLICK HERE

BUNDS PULLED IN OPPOSITE DIRECTIONS - CLICK HERE

TARIFF RISK UNDERPRICED, AGAIN - CLICK HERE

STOXX 600 FIRMER AS CHEMICALS AND BEVERAGES LIFT INDEX - CLICK HERE

EUROPE BEFORE THE BELL: MODEST OPEN AWAITS, STOXX TO STAY AT RECORD - CLICK HERE

PMIS IN THE SPOTLIGHT AHEAD OF WEEKEND GERMAN ELECTIONS - CLICK HERE