Nasdaq Composite heads for biggest weekly drop since January as U.S. stocks trade down Friday

The technology-heavy Nasdaq Composite is heading for its biggest weekly loss since January as U.S. stocks remained down in the final hour of trading Friday. The Nasdaq COMP, -0.90% is on track to lose 5.7% this week, FactSet data show, at last check. That puts it on track for the largest percentage drop since the stretch ending Jan. 21, according to Dow Jones Market Data. Stocks were slumping Friday afternoon amid heightened fears the U.S. may be heading for a recession after FedEx FDX, -21.40% delivered a profit warning and as investors brace for another large rate hike from the Federal Reserve next week. The S&P 500 SPX, -0.72% is heading for a weekly drop of 5% and the Dow Jones Industrial Average DJIA, -0.45% is on pace to slide 4.3% this week, FactSet data show, at last check.