S&P 500, Nasdaq drop for 3rd straight week as tech continues downward spiral

S&P 500, Nasdaq drop for 3rd straight week as tech continues downward spiral

Getty Images / Johannes Eisele

The S&P 500 and Nasdaq composite indexes declined for the third straight week on falling tech giants and weakening economic data.

Mega-cap tech stocks led indexes lower as investors continued to shun lofty valuations and look for returns elsewhere.

Traders hoping for a stimulus breakthrough had little to cheer heading into the weekend. Democrats and Republicans remain hundreds of billions of dollars apart in their respective proposals.

The deadlock comes after weekly jobless claims and retail sales data pointed to a slowing economic recovery earlier in the week.

Watch major indexes update live here.

The S&P 500 slid for a third straight week as sinking tech giants continued to pull major indexes from record highs.Mega-cap companies including Apple, Microsoft, and Facebook led the slump once again. The market darlings have played major roles in recent weeks' declines. While crowding in the stocks helped drive the market's rapid rebound from virus-induced lows, investors have since shunned their sky-high valuations. As traders dumped the popular names, tech-heavy indexes tumbled just as quickly.Oracle slid in Friday trading after the US government said it will block all TikTok and WeChat downloads in the country starting Sunday. The surprise announcement arrives as Oracle closes in on finalizing its partnership with TikTok-parent ByteDance.Here's where US indexes stood at the 4 p.m. market close on Friday:
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