A pedestrian wearing a protective mask exits from the Wall Street subway station in New York, on Monday, July 20, 2020.
Michael Nagle | Bloomberg | Getty Images
Dow Jones Industrial Average drops 244 points
The Dow slid 244.56 points, or 0.9%, to 27,657.42. The S&P 500 closed 1.1% lower at 3,319.42. The Nasdaq Composite dropped 1.1% to 10,793.28. Stocks were under pressure once again by steep declines in major tech names.
Tech ends downbeat week on sour note
Apple dropped 3.2% and Amazon pulled back by 1.8%. Microsoft ended the day down 1.2%. At the S&P 500 sector level, tech fell more than 1% on Friday. Those losses drove major benchmarks to their first three-week losing streaks since last year.Â
U.S.-China tensions simmer
Tensions between China and the U.S. also dampened sentiment on Friday after the U.S. government said it will block all TikTok and WeChat downloads in the country on Sunday. Oracle, which is trying to take a minority stake in TikTok-parent ByteDance, fell 0.7%.