What happened to the stock market Friday: China invests the curb, Micron

Dow Jones Industrial Average falls 70 points

Dow fell 70.87 points, or 0.3%, to 26,820.25. The S&P 500 slipped 0.5% to close at 2961.79. The Nasdaq Composite fell 1.1% to 7939.63. The S&P 500 ended the week at 1% and the second straight week fell.

Curbing Investment in China

U.S. stock markets reversed early gains and sank after reports that the White House is now assessing US investment limits in China. Stocks with exposure to China, including Boeing and Apple, fell behind the news of management's concerns, which, if pursued, could put billions of dollars in investments tied to major indices and escalate the trade war. Chinese stocks that traded on US exchanges fell for fear of being delisted, and shares in Alibaba lost 5%.

A person familiar with the deliberations told CNBC that a block of all US financial investment in China was among the options under consideration, although warned that such moves are in the early stages of the discussion.

Big tech stocks hit again

Chipmaker stocks fell on the last day of the week, contributing to a downturn in the broader tech industry. Nvidia and Applied Materials both fell more than 3% while Micron, which announced weaker guidance on Thursday, dived 1[ads1]1%. Friday was Micron's worst day on Wall Street since June 2015.

What's next?

With just one trading day left in September, Wall Street will be waiting for more trade news. Read more about what's ahead here.

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