NEW YORK (TheStreet) -- U.S. stocks settled in the red Friday, racking up a third week of losses following a choppy trading session. The chip sector was fell sharply amid global growth concerns but was offset somewhat by gains in consumer staples.

The Dow Jones Industrial AverageI:DJI  fell 0.69% to 16,544.10, leaving the index down 2.73% for the week. The S&P 500I:GSPC  surrendered 1.15% to 1,906.13. Widespread jitters about a cooling Chinese economy and a questionable economic recovery in Europe coming just as U.S. quantitative easing nears its end has brought the S&P down by 3.12% this week. With a third straight weekly decline, the benchmark is now down roughly 5% from its Sept. 18 peak.

"The U.S. economy is the only thing pulling the global economy forward," said Andrew Wilkinson, chief market analyst at Interactive Brokers. "Investors might be forgiven for observing that following an almighty stock market rally, what's left?"

Watch the video below for what to look for in the week ahead:

The

Nasdaq

I:IXIC

 shed 2.33% to 4,276.24, closing the week off 4.45% as the 

PHLX Semiconductor Index

(SOX) tumbled 6.89%. The semiconductor sector tanked following a revenue miss on Thursday from 

Microchip Tech

(MCHP) - Get Report

. The company's guidance indicated a potential industry correction after a slowdown in sales in China during the traditionally strong September quarter. Shares dropped 12.26%. Chip giant

Intel

(INTC) - Get Report

slumped 5.09%.

Coca-Cola (KO) - Get Report shares rose 1.37%, PepsiCo (PEP) - Get Report shares jumped 1.15% and Procter & Gamble (PG) - Get Report shares were up 1.23%.

The Labor Department reported Friday that U.S. import prices fell 0.5% in September vs. the 0.7% decline expected by economists. The latest report, the third straight negative reading, demonstrated that inflationary pressures were falling amid continued evidence of a slowing global economy and an appreciating U.S. dollar. 

In other corporate headlines Friday, Symantec (SYMC) - Get Report , the security software maker, said it plans to split itself into two separately traded companies. The stock lost 6.4%.

Starboard Value has won all 12 seats on the board of Olive Garden's parent company, Darden Restaurants (DRI) - Get Report , according to preliminary results. Darden shares fell 1.83%.

Shares of Dave & Buster's (PLAY) - Get Report  rose 7.66% in their debut on Nasdaq.

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-- By Andrea Tse in New York

Follow @AndreaTTse