The Standard & Poor's 500 index fell 1.5% this week -- wiping out the previous week's gain -- amid worries about additional tariffs and worsening consumer sentiment.

The S&P 500 ended the week at 5,580.94. With just one trading day remaining in the month, the index is down 6.3% for March. This puts the market benchmark on track for its largest monthly drop since September 2022.

The index is also down 5.1% for 2025 and on pace for its first quarterly drop since Q3 of 2023. This quarter, marked by the start of President Donald Trump's second term, has been marred by uncertainty over the administration's tariff policies and federal job cuts.

The US is expected to add reciprocal tariffs as well as levies on automotive imports next week. US consumer sentiment has fallen three months in a row as the expectations index slumped and the inflation outlook jumped amid economic policy uncertainties, according to final results released Friday from the University of Michigan's Surveys of Consumers.

Other data released Friday showed a smaller-than-expected rise in February consumer spending while the Federal Reserve's preferred inflation metric unexpectedly accelerated.

Seven of the S&P 500's 11 sectors were down for the week, led by a 3.7% drop in technology and a 3.2% loss in communication services. Industrials fell 1.3% and health care shed 1%. Materials, utilities and financials also slipped.

Super Micro Computer (SMCI) had the largest percentage drop of the week among technology stocks, falling 19% as Goldman Sachs downgraded its investment rating on the stock to sell from neutral. The firm also lowered its price target on Super Micro Computer's shares to $32 each from $40.

In communication services, Alphabet (GOOG) shares fell 6.1% amid a report that the company's Google unit was found to have engaged in anti-competitive conduct in India related to its app store billing system.

Four sectors saw gains this week as consumer staples rose 1.7%, energy added 0.8%, real estate edged up 0.5% and consumer discretionary eked out a nearly 0.1% increase.

Dollar Tree (DLTR) had the largest percentage advance among consumer staples, rising 9% as the dollar store operator said it agreed to sell its Family Dollar business to investment management firms Brigade Capital Management and Macellum Capital Management in a deal valued at roughly $1.01 billion. The company anticipates generating net proceeds of about $804 million from the sale.

Investors next week will be closely watching the government's monthly employment data to be released on Friday. Other economic reports due next week include March automotive sales and February construction spending as well as factory orders.