The Dow Jones Industrial Average fell slightly on Friday to end a downbeat week as investors weighed the potential for additional fiscal stimulus.
The 30-stock index cut some of its losses, but ended Friday 28.09 points to 28,335.57, as Intel shares struggled.
The S&P 500 regained 11.9 points to 3,465.39
The NASDAQ rebounded 42.28 points to 11,548.28.
The Dow and S&P 500 snapped a three-week winning streak and the NASDAQ posted its first weekly loss in five weeks. The S&P 500 lost 0.5% for the week. The Dow dipped nearly 1%, and NASDAQ fell 0.95% 1.1%.
It was a tough week for the tech sector, falling more than 2%, amid concerns that a Democratic sweep on Nov. 3 could put pressure on the high-flying stock group.
Intel shares fell 10.6% following the release of mixed quarterly numbers for the chipmaker. The company’s earnings were in line with analyst expectations, but revenue from its data center business fell short of analyst estimates.
Stocks were coming off a solid session, as the major averages rose broadly on Thursday after House Speaker Nancy Pelosi signaled she and Treasury Secretary Steven Mnuchin were making progress in their fiscal stimulus negotiations.
However, Pelosi also tempered expectations over Democrats and Republicans reaching a deal before the election, saying it could take “a while” for a bill to be written and signed.
Friday’s slight move also came after President Donald Trump and former Vice President Joe Biden took part in the final presidential debate before the Nov. 3 election.
The candidates discussed a broad range of issues during the debate, including the coronavirus pandemic, foreign policy and health care
Biden held a lead in most national polls heading into the debate as the possibility for a so-called Blue Wave grows. Some investors think a Democratic sweep could lead to a pop in equity prices in the short term. However, at least one hedge fund manager warned Thursday that this scenario could pressure stocks in the long term.
Prices for the 10-Year Treasury regained lost ground, lowering yields to 0.84% from Thursday’s 0.87%. Treasury prices and yields move in opposite directions.
Oil prices docked 84 cents at $39.74 U.S. a barrel.
Gold prices moved 30 cents higher to $1,904.90
