Major U.S. equities benchmarks struggled Friday, with the S&P 500's tech sector posting a big loss.

US stocks marched higher on Wednesday as Wall Street returned to rally mode while investors digested the latest Federal Reserve minutes to provide hints to future policy amid a shutdown-driven dearth of data.

Wall Street’s good times are rolling, for now, despite persistent inflation, the government shutdown and a slowing job market.

There is a higher risk of a serious fall in US stocks than is currently being reflected in the market, the head of JP Morgan has told the BBC. Jamie Dimon, who leads America's largest bank, said he was "far more worried than others" about a serious market correction, which he said could come in the next six months to two years.

See how the S&P 500 has performed during every U.S. government shutdown and funding gap since 1976, and whether shutdowns impact the market.

Traders have piled in on the "Takaichi trade" — a bet on stronger stocks, rising bond yields, and a weaker yen.

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The stock market sold off Friday as President Donald threatened "massive tariffs" vs. China over its tighter rare-earth export rules. Trump followed through, imposing an extra 100% tariff on China after the close,