Stocks Fall For A Third Week In A Row As Tech Sell-Off Continues

The Dow Jones Industrial Average was down 0.88%, nearly 250 points, on Friday, while the S&P 500 fell 1.12% and the tech-heavy Nasdaq Composite dropped 1.07%.

The major averages posted a third straight week of losses, their longest weekly losing streaks since last year.

Tech stocks again dragged the market lower: Shares of Apple, Amazon and Google-parent Alphabet all fell by 2% or more, while Facebook lost nearly 1%.

Shares of Oracle, which is trying to buy a minority stake in TikTok-parent ByteDance, declined 0.3% after the Trump administration said it would block all TikTok and WeChat downloads in the United States on Sunday.

Market sentiment also took a hit from ongoing uncertainty around the next fiscal stimulus bill from Congress, as Republicans and Democrats are still struggling to agree on the size and provisions of the relief package.

What’s more, there are also rising fears of a second wave of coronavirus cases, much like what appears to be currently happening in Europe, which is facing a “very serious situation” as countries like Spain and France see an alarming rise in new cases of coronavirus, according to the WHO.