Stock market live Friday: S&P worst week since June, Big Tech slides, Nasdaq Composite drops 4% for week

• Dow closed up 0.48% for its second positive day in three
• Dow closed down 1.66% for the week, the second straight negative week  
• Dow is 6.44% below its intraday all-time high of 29,568.57 from Feb. 12
• S&P 500 closed up 0.05% for its second positive day in three
• S&P fell below its 50-day moving average level of 3,321.71 on an intraday basis for the first time since April 24
• S&P closed down 2.51% for the week, its second straight weekly loss for the first time since May 1, and its worst week since June 26
• S&P is 6.89% below its intraday all-time high of 3,588.11 from Sept. 2
• Nasdaq Composite closed down 0.6% for its fifth negative day in six
• Nasdaq finished the week 4.06% lower for its worst week since March 20
• Nasdaq is 10.11% below its intraday all-time high of 12,074.07 from Sept. 2
• Nasdaq is 9.98% below its closing record of 12,056.44 from Sept. 2
• Seven out of 11 sectors were positive on Friday, led by industrials and materials
• Ten out of 11 sectors were negative for the week, led by energy down which fell 6.44%. Materials was the only positive sector for the week, gaining 0.82%. - Gina Francolla

All three major averages moved between gains and losses during a choppy trading session on the final day of the holiday-shortened week. The Dow wound up closing 130 points higher, for a gain of 0.48%. Earlier in the session it had been down 86 points. The S&P 500 also rose, eking out a gain of 0.05%. The Nasdaq Composite, however, slid 0.6% amid weakness in the technology sector. - Pippa Stevens

The major averages seesawed on Friday, gyrating between sharp gains and losses, as tech shares continued to struggle. The Dow Jones Industrial Average was up just 18 points, or 0.1%. The S&P 500 slid 0.4% and the Nasdaq was down 1.3%. The S&P 500 was headed for its worst weekly performance since June and the Nasdaq was on pace for its biggest one-week loss since March. —Fred Imbert

Chinese officials would rather see the U.S. business of TikTok shut down than sold to a U.S. company, Reuters reported citing sources. TikTok-parent Bytedance has been discussing potential deals with U.S. firms, including Microsoft and Oracle. President Donald Trump said on Thursday night that he would not extend the Sept. 20 deadline for a deal before the video sharing app would be shut down. — Jesse Pound 

The Dow erased what was at one point a nearly 300-point gain and turned slightly negative for the session. It is still outperforming the S&P 500 and Nasdaq, which were down 0.5% and 1.3%, respectively. — Jesse Pound

Doug Ramsey of The Leuthold Group warned Friday that, while the S&P 500 has staged a massive rally off its March low, the market's overall valuations remain exceedingly high.

"Those quick to pronounce the move off March lows as a new bull market have been proven correct with new S&P 500 all-time highs," Ramsey, the firm's chief investment officer, said in a note to clients. "Fundamentally, though, there's enormous risk in Large Cap valuations, regardless of where one believes we are in the economic cycle."

The S&P 500 recently traded at record levels despite a sharp drop in second-quarter earnings on a year-over-year basis as the coronavirus pandemic dented corporate profits. —Fred Imbert

Stocks were mixed around midday, with the Dow and S&P 500 sporting solid gains while the Nasdaq struggled as tech failed to recover from its recent sell-off. The Dow traded 200 points higher, or 0.7%. The S&P 500 climbed 0.4%. The Nasdaq Composite dipped about 0.1%. —Fred Imbert

Tesla's widely anticipated battery day is coming up on Sept. 22, and Elon Musk said Friday in a tweet that "many exciting things will be unveiled" at the event.

Earlier on Friday UBS more than doubled its price target on Tesla — lifting it to $325 from $160 — ahead of the upcoming battery day. The firm reiterated its neutral rating, however, saying the event needs to include "one more thing" since developments around battery technology and cost are already reflected in the share price. - Pippa Stevens 

Investors shouldn't let the struggles in tech over the past week distract from recent strength in reopening stocks, said, Andrew Slimmon, managing director at Morgan Stanley Investment Management.

"What I'm most interested in is when cheap stocks start to have some momentum," he said.

Slimmon highlighted success for Delta and MGM Resorts success in August and the fact that the equal-weight S&P 500 is still negative for the year. He said that investors can't wait for a vaccine to be approved and distributed before buying shares of companies that will benefit from the breakthrough because the stocks will go up in anticipation. 

"I think the opportunity is in the reopening stocks because they're the cyclical stocks that are starting to outperform and are still down a lot. So as much as tech gets a lot of exposure, I think the underlying dynamic in the market remains that the reopening stocks are a big opportunity," Slimmon said. — Jesse Pound

Shares of technology stocks lost their previous gains, dragging down the Nasdaq Composite. Shares of Amazon, Apple, Facebook, Alphabet and Tesla were all in the red. Weakness in tech briefly pushed the S&P 500 into negative territory, although it is trading around the flatline. The Dow Jones Industrial Average last traded up 90 points. — Maggie Fitzgerald 

The major averages opened in positive territory on the last trading day of the week, fueled by technology stocks attempting to rebound after recent weakness. The Dow Jones Industrial Average popped 110 points. The S&P 500 and Nasdaq Composite rose 0.64% and 0.93%, respectively. Apple rose more than 1% at the open. — Maggie Fitzgerald 

• Cowen upgraded Adobe to outperform from market perform.
• UBS raised its price target on Tesla to $325 form $160.
• Cowen upgraded Domino's Pizza to outperform from market perform.
• Goldman Sachs raised its price target on Peloton to $138 from $110.
• BTIG upgraded Etsy to buy from neutral.
• UBS downgraded Expedia to neutral from buy.

Pro Subscribers can read more here.- Michael Bloom

The New York Stock Exchange and the Nasdaq will hold moments of silence at 9:20 a.m. ET, 10 minutes before Wall Street opens, to remember the victims of the Sept. 11, 2001, terrorist attacks. Friday marks 19 years since Islamic extremists from Osama bin Laden's al-Qaeda terror group hijacked and crashed planes in New York City, Washington, D.C. and Pennsylvania. Nearly 3,000 people were killed in the attacks, which led then-President George W. Bush to launch a "war on terror," which saw a coalition of world powers join the U.S. to retaliate against Taliban-controlled Afghanistan for giving bin Laden and al-Qaeda safe harbor. — Matthew Belvedere

Shares of Oracle gained 3.8% in premarket trading Friday after the software maker reported quarterly earnings and guidance that exceeded expectations. Oracle's earnings came in at 93 cents per share, adjusted, versus 86 cents per share as expected by analysts, according to Refinitiv. Its revenue grew 2% on an annualized basis, compared with the 6.3% decline in the previous quarter. Business was "only briefly interrupted" by the coronavirus pandemic, Safra Catz told analysts on a conference call on Thursday. — Yun Li, Jordan Novet.

Shares of exercise company Peloton surged more than 12% in premarket trading after the company easily beat Wall Street expectations in its Thursday night earnings report. Peloton reported 27 cents in earnings per share for its fiscal fourth quarter, above the 10 cents expected by analysts surveyed by Refinitiv. Revenue also came in above expectations and was up 172% from the same quarter last year. — Jesse Pound 

Tesla shares rose more than 3% during premarket trading on Friday as the stock looked to end a volatile week on a high note. On Tuesday, the stock dropped 21% for its worst day on record, before rebounding 10.92% on Wednesday. Tesla ended Thursday's session with a gain of 1.38%, after being up nearly 9% at one point, while also dipping into the red during choppy trading. - Pippa Stevens

Futures tied to major U.S. equity benchmarks traded higher early Friday as the market once again attempted to bounce back from the recent tech-led slump. Dow Jones Industrial Average futures gained 140 points, implying an opening gain of more than 120 points. S&P 500 futures rose 0.7%. Nasdaq 100 futures gained 0.9%. Shares of major technology companies − Apple, Amazon, Microsoft and Facebook — rose at least 1% each in premarket trading Friday. 

Still, the market is on track to post big losses for the holiday-shortened week. The Dow is down 2.1%, on pace for its worst week since June, while the S&P 500 has fallen 2.56% this week, on pace for its second straight weekly loss for the first time since May. The tech-heavy Nasdaq has dropped 3.5%, headed for its worst week since March. — Yun Li