Stocks skidded Thursday on worries of a prolonged trade standoff between the U.S. and China. A broad sell-off left the benchmark S&P 500 index on track for its third straight weekly loss and had the Dow Jones Industrial Average down more than 400 points until late afternoon.
Stocks fell Wednesday on mixed earnings, trade tensions and oil slumps. Lowe’s and Nordstrom were among the biggest decliners in the S&P 500 after the retailers reported quarterly results that fell short of Wall Street’s expectations.
A tech rebound powered U.S. stocks Tuesday, snapping a two-day S&P slump. The rally followed the U.S. government’s decision to temporarily ease off proposed restrictions on technology sales to Chinese companies.
Stocks fell Monday as the Huawei ban prompted a sell-off in chipmakers. About one-third of Huawei’s suppliers are American chipmakers and investors are worried that the action against Huawei could crimp sales for companies with revenue heavily tied to China.
Stocks fell Friday with the sell-off gaining strength in the last hour of trading, handing the benchmark S&P 500 index its second straight weekly loss.
Technology stocks, health care companies and banks accounted for much of the market’s broad gains on Thursday, the third straight day of a winning streak.
U.S. stocks extended gains on Wednesday after recovering from an early slide. Big technology and communications companies, including Microsoft, Apple and Google parent Alphabet, led the rally.
Stocks rose on Tuesday following Monday’s plunge when the S&P 500 had its worst day since early January. Technology companies led the way higher after bearing the brunt of the selling on Monday, Treasury yields rose modestly and gold gave back a bit of its gains.
China retaliated on tariffs Monday, sending stock markets into a slide. “Right now, we appear to be in a slow-motion train wreck, with both sides sticking to their positions,” said William Reinsch, a trade analyst at the Center for Strategic and International Studies and a former U.S. trade official.
Stocks rebounded Friday as hopes rose that trade tensions will ease. The market fell sharply in the early going after the U.S. raised tariffs on $200 billion worth of Chinese goods when negotiators failed to reach a deal. Hours later, remarks from President Donald Trump and Treasury Secretary Steven Mnuchin gave investors reason for optimism.