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"The best trade, at a minimum, is no trade," UBS senior portfolio manager Katz said.

The Trump administration on Friday said it would focus on concluding trade agreements with Britain, the European Union and Kenya over the coming year, while strictly enforcing trade laws and pushing for a broader reset of the World Trade Organization.

The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could push the economy into recession, although stocks regained some ground right at the end of a volatile session.

Trump administration officials have rescheduled for March 11 a critical meeting to discuss potential new U.S. restrictions on sales of technology to Huawei and China, people familiar with the matter said.

The steep market drop triggered by the global coronavirus outbreak has led many companies to hit the 'pause' button on mergers and acquisitions (M&A), sabotaging the hopes of corporate advisers who expected a dealmaking bonanza this year.

Coronavirus panic sent world stock markets tumbling again on Friday, with an index of global stocks setting its largest weekly fall since the 2008 global financial crisis, and over $5 trillion wiped from global market value this week.

The airline industry could run into turbulence on Capitol Hill next week as a U.S. Congressional panel tackles passenger complaints about unpleasant airline experiences, holding a hearing that will include budget airline Spirit Airlines Inc and passenger advocates.

Sanofi SA has agreed to pay $11.85 million to resolve U.S. allegations that it used a charity that helps cover Medicare patients' out-of-pocket drug costs as a means to pay them kickbacks to use a high-priced multiple sclerosis drug.

Goldman Sachs Group Inc's asset management unit has added to positions in travel stocks, including hotels and cruise lines, as well as Live Nation Entertainment Inc and Japanese cosmetics company Shiseido Co Ltd, executives said Friday.

The coronavirus wiped $3.18 trillion in market value from U.S. stocks this week, according to estimates from S&P Dow Jones Indices.

Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.

Activist investor Clifton S. Robbins told clients on Friday that he is shuttering his Blue Harbour Group not because investors want their money back or because returns have lagged, but because he wants to do something different.

Harley-Davidson Inc Chief Executive Officer Matthew Levatich stepped down on Friday after failing to boost U.S. sales of its iconic motorcycles.

Big U.S. banks have been rolling out contingency plans to respond to the global coronavirus outbreak - requiring some staff to work from home, implementing travel restrictions, and talking to regulators about potential stresses.

United Airlines Holdings Inc said on Friday it was sharply cutting flights to Japan and South Korea, as travelers worried about the coronavirus outbreak slash ticket purchases for those destinations.