Stocks across all industries fell on Friday as states like Florida and Texas began to reinstate some social restrictions as new infection rates continue rise. Financials were also pressured by the Federal Reserve imposing new restrictions on big banks due to risks associated with the coronavirus. All three major benchmarks fell over 2% by the end of Friday's session, with the S&P 500 closing at its lowest level in two weeks.

The Federal Reserve's annual stress test on Thursday found that that several bank could get too close to minimum capital levels in scenarios involving the coronavirus pandemic. This led the central bank to require investment banks to suspend share buybacks and cap dividend payments, as well as resubmit their payout plans later this year.

Meanwhile, University of Michigan's Surveys of Consumers data released on Friday showed that consumer sentiment fell lower for June due to concern over rising cases in parts of the country. June's final reading of 78.1 was down from 78.9 reported earlier in the month and lower than consensus economists expectations. Yet, this was the second month of gains since April's low. The Bureau of Economic Analysis also released consumer spending data on Friday, showing spending increasing 8.2% in May from April's 12.6% decline. However, the spending rate was lower than expected.

"While most consumers believer that economic conditions could hardly worsen from the recent shutdown of the national economy, prospective growth in the economy is more closely tied to progress against the coronavirus," Surveys of Consumers Chief Economist Richard Curtin said in a statement. "The early reopening of the economy has undoubtedly restored jobs and incomes, but it has come at the probable cost of an uptick in the spread of the virus."

Here's how the market finished the week:

S&P 500 Index (SPY  ): -2.42% or -74.74 points to 3,009.02

Dow Jones Industrial Average (DIA  ): -2.84% or -730.12 points to 25,015.48

Nasdaq Composite Index (QQQ  ): -2.59% or -259.78 points to 9,757.22

In Major Stock News, big banks were under pressure following the Federal Reserve's latest stress test: Bank of America (BAC  ), Citigroup (C  ), Goldman Sachs (GS  ), JPMorgan (JPM  ), Morgan Stanley (MS  ) and Wells Fargo (WFC  ). Retailer Gap (GPS  ) soared after the announcement of a partnership with Kanye West's clothing line Yeezy. Facebook (FB  ) and Twitter (TWTR  ) were put under further pressure over their ad policies by companies like Verizon (VZ  ) and Unilever (UN  ).

In Stock Sector News, all industries dropped with the broader market sell off during Friday's session. The performance losses were as follows: Communication Services -4.50%, Financials -4.32%, Energy -3.50%, Consumer Discretionary -2.35%, Consumer Staples -2.06%, Information Technology -2.00%, Real Estate -1.83%, Industrials -1.82%, Materials -1.39%, Health Care -1.21% and Utilities -1.04%.

In Commodity and Currency News, crude oil ended the week lower as coronavirus cases continue to rise throughout the United States, threatening future demand. West Texas Intermediate (USO  ) dropped about 1.3% and Brent Crude (BNO  ) fell around 0.8%, bringing barrel prices to about $38 and $41 each, respectively. Gold (GLD  ) futures picked up momentum on Friday, increasing over 0.8% to price the metal at about $1,786 per ounce. Finally, the U.S. Dollar (UUP  ) slightly gained in the current market, with the DXY Index bumping up 0.02%.

As the market moves into Monday, investors will be mostly focused on developing coronavirus news throughout the United States.