Here's what happened to the stock market on Friday

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. 

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%.

What happens next?

Nike and Costco are among the companies set to report earnings next week. The latest look at existing U.S. home sales is also scheduled for next week. 

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