US stocks main indexes posted their biggest weekly drop of 2023 after sharp losses on Friday. The three major US indices fell as investors braced for the possibility of more aggressive rate hikes from the US Federal Reserve as U.S. economic data pointed to resilient consumers.

The Dow Jones Industrial Average lost one percent, the S&P 500 declined 1.1 percent and the Nasdaq Composite index plunged 1.7 percent.