The Standard & Poor's 500 Index fell 0.5% this week as declines led by health care and communication services outweighed gains paced by industrials.

The S&P 500 ended the week at 5,659.91, up 1.6% in May and down 3.8% this year.

Concerns about the Trump administration's tariff policies have weighed on the stock market. Those worries were underscored on Wednesday as Federal Reserve Chair Jerome Powell, speaking after the central bank's policy-setting committee left interest rates steady, said: "If the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slowdown in economic growth and an increase in unemployment."

A bit of optimism emerged Thursday after a trade deal between the US and the UK was announced. On Friday, President Donald Trump indicated in a social media post that an 80% tariff on Chinese imports, which would reflect a cut from 145%, may be under consideration as Chinese and US officials prepare to meet this weekend. Many analysts still consider 80% as a high tariff rate, and no further deals have been announced.

This week among sectors, health care posted the largest drop, falling 4.3%, followed by a 2.4% decline in communication services. Consumer staples, real estate and materials also declined.

Vertex Pharmaceuticals (VRTX) shares fell 15%. The company reported Q1 adjusted earnings and revenue that trailed estimates by analysts. At least two analysts downgraded their ratings on the stock.

In communication services, Match Group (MTCH) shares shed 11%. The company plans to cut its workforce by 13%.

Among the sector rallies in the week, industrials climbed 1.1%, followed by a 0.8% gain in consumer discretionary, a 0.5% rise in utilities and a 0.4% advance in energy. Technology and financials eked out small increases.

Rockwell Automation (ROK) shares jumped 16% this week. The company reported fiscal Q2 results that topped Wall Street projections and raised full-year earnings guidance.

Next week's earnings calendar features Cisco Systems (CSCO), Walmart (WMT), Deere (DE) and Applied Materials (AMAT).

Economic data will include the April consumer and producer price indexes, two closely watched inflation readings. April retail sales, industrial production and housing starts, as well as May consumer sentiment, are expected next week.