Stocks closed broadly lower for the second day in a row Friday as Wall Street gave back some of its gains from a mostly solid July rally.
The S&P 500 fell 0.6% and ended the week with its first weekly loss in four weeks. The pullback, which eased somewhat by afternoon, came as traders turned cautious amid increased tensions between the world’s two largest economies and a mixed batch of company earnings reports.
Each of the indexes had been down more sharply in the morning, with the Nasdaq off by as much as 2.3%. Small company stocks were the biggest losers. The Russell 2000 index gave up 22.65 points, or 1.5%, to 1,467.55. On Friday, markets were skittish after China’s Foreign Ministry ordered the closure of the U.S. consulate in the western city of Chengdu. It echoes a similar move earlier this week by the United States to close the Chinese consulate in Houston.
Microsoft, Apple, Amazon and other giants have cruised through much of the pandemic on expectations that they can keep growing despite all the challenges for the economy. But critics say enthusiasm for them was overdone, with prices too high even after accounting for the huge profits that they can produce.
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