Wall Street skids as tech, Internet companies drop

US stocks on Friday fell as a combination of weak economic data from China and disappointing earnings hurt technology and Internet companies, while crude oil prices fell for the 10th day in a row.

Auto sales in China last month fell for the fourth month in a row and were down 13 percent from a year earlier, the latest sign its economy is under pressure.

Concerns about China’s economy and its trade dispute with the US contributed to the global stock market skid last moth. The stocks that fared the worst during that time included tech and Internet companies, as well as retailers, which all took sharp losses on Friday.

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

US crude oil slipped 0.8 percent to extend its losing streak. It has 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 firms such as video game company Activision Blizzard Inc and chipmaker Skyworks Solutions Inc also contributed to Friday’s decline.

The S&P 500 on Friday dropped 25.82 points, or 0.9 percent, to 2,781.01, but rose 2.1 percent from a close of 2,723.06 on Nov. 2.

The Dow Jones Industrial Average on Friday fell 201.92 points, or 0.8 percent, to 25,989.30, but also rose 2.8 percent from 25,270.83 a week earlier.

The NASDAQ Composite on Friday sank 123.98 points, or 1.7 percent, to 7,406.90, gaining 0.7 percent from 7,356.99 on Nov. 2.

The Russell 2000 index of smaller companies on Friday gave up 28.72 points, or 1.8 percent, to 1,549.49, edging up 0.1 percent from a close

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