The Nasdaq snapped its seven-day winning streak Friday as data showed jobs growth slowed.
Investors fretted over the prospects for a stimulus bill after President Donald Trump rejected Congressional Democrats’ offer Friday to reduce the size of their proposed coronavirus aid package.
RiverFront Investment Group chief investment strategist Chris Kostantinos:
“I think the market is reacting to the political dysfunctional in Washington and the inability of our policy makers to get it together at a time when our nation separately needs their help.”
Tech stocks were the biggest decliners, dragging the Nasdaq down nearly 1%. But a rally in defensive sectors and value stocks helped the Dow and S&P barely close higher. For the week, the three indexes posted solid gains.
Shares of Microsoft, which is seeking to buy the U.S. operations of the short-video app TikTok, fell nearly 2%.
Trump unveiled sweeping bans on U.S. transactions with the Chinese owners of TikTok and the messaging app, WeChat.
The rising tensions also drove down Chinese stocks listed in the U.S. such as Alibaba and Baidu.
T-Mobile US shares rose 6%. The carrier said it has overtaken rival AT&T as the second largest wireless provider in the U.S. after pulling in more monthly phone subscribers.
Uber shares skidded. Orders for its food-delivery service doubled in the latest quarter, but that couldn’t offset the 75% drop in bookings for rides, resulting in a $1.8 billion loss.