Financial Markets Wall Street

Trader Tommy Kalikas works on the floor of the New York Stock Exchange, Friday, Nov. 9, 2018. Stocks are falling as energy companies are dragged lower by the continuing plunge in crude oil prices. (AP Photo/Richard Drew)

NEW YORK (AP) — U.S. stocks fell Friday as a combination of weak economic data from China and disappointing earnings hurt technology and internet companies. Crude oil prices fell for the 10th day in a row.

Auto sales in China fell in October for the fourth month in a row and are down 13 percent from a year ago, the latest sign its economy is under pressure. Concerns about China’s economy and its trade dispute with the U.S. contributed to the global stock market skid in October. The stocks that fared the worst during that time included tech and internet companies and retailers, which all took sharp losses Friday.

“China has played such a critical role in driving global growth,” said Kristina Hooper, chief global market strategist for Invesco. “(Investors) are having concerns that these tariff wars are essentially going to kick China when it’s down.”

U.S. crude oil slipped 0.8 percent to extend its losing streak. It’s fallen for five weeks in a row and tumbled 21 percent since Oct. 3. Energy companies have suffered steep losses during that time. Weak forecasts from companies including video game company Activision Blizzard and chipmaker Skyworks Solutions also contributed to Friday’s decline. The S&P 500 index dropped 25.82 points, or 0.9 percent, to 2,781.01. The Dow Jones Industrial Average fell 201.92 points, or 0.8 percent, to 25,989.30.

The Nasdaq composite sank 123.98 points, or 1.6 percent, to 7,406.90. The Russell 2000 index of smaller companies gave up 28.72 points, or 1.8 percent, to 1,549.49.

Walt Disney’s net earnings were better than expected, as the entertainment giant raked in revenue from movies including “Avengers: Infinity War,” “’Incredibles 2” and “Ant-Man and the Wasp.” The stock gained 1.7 percent to $118.

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.