Wall Street slips and is headed for a losing week

By DAMIAN J. TROISE, Associated Press Business Writer

NEW YORK (AP) — Stocks fell in morning trading on Wall Street Friday and are on track for their first weekly loss in the last four.

The S&P 500 fell 0.7% in the morning trading. The Dow Jones Industrial Average fell 143 points, or 0.3%, as of 9:51 a.m. Eastern time. The Nasdaq composite fell 1.2%.

The market was weighed down by technology stocks, especially several big names with huge valuations that give them outsized influence over the direction of the market. Overall, there were more gainers than losers within the S&P 500, but the index was dragged down by a 2.5% drop for Nvidia and a 2.1% drop for Broadcom, among others big names losing ground.

Wall Street remained focused on the latest quarterly reports and forecasts from U.S. companies.

Payments company Block, which operates the Square and Cash App businesses, sank 10.9% after turning in results that fell short of forecasts. Exercise equipment maker Peloton jumped 6.1% after its results beat estimates.

Expedia Group surged 17.5% after beating analysts’ quarterly earnings forecasts.

Treasury yields held steady in the bond market. The yield on the 10-year Treasury rose to 4.10% from 4.09% late Thursday. The yield on the two-year Treasury remained at 3.56% from late Thursday.

Markets in Europe fell and markets in Asia closed lower. China reported that its exports contracted 1.1% in October, as shipments to the United States dropped by 25% from a year earlier. But economists expect Chinese exports to recover after U.S. President Donald Trump and Chinese leader Xi Jinping agreed last week to de-escalate the trade war between the two largest economies.