Stocks opened lower on Friday, giving back some of their sharp gains from the previous session, as the Turkish lira resumed its steep decline.
The Dow Jones Industrial Average retreated 32.14 points to 25,526.59, as Intel fell 1%.
The S&P 500 dropped 6.43 points to 2,834.22, as information technology lagged.
The NASDAQ fell 50.08 points to 7,756.44.
The major averages jumped on Thursday with the Dow notching its biggest one-day gain since April. The Dow and S&P 500 were on track to post weekly gains, while the NASDAQ was poised to close lower for the week.
Chinese tech giant Tencent reported earlier this week its slowest revenue growth rate since 2015, sending U.S. tech companies like Facebook, Netflix and Alphabet lower. Meanwhile, Macy's shares fell sharply on Wednesday as the company struggles to grow sales.
However, investors cheered strong results from WalMart and Cisco Systems on Thursday. Investors were also pleased after National Economic Council Director Larry Kudlow confirmed earlier media reports which stated that China and the U.S. would hold a fresh round of trade discussions later on this month.
Prices for the benchmark for the 10-year U.S. Treasury gained ground, lowering yields to 2.85% from Thursday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices recovered 55 cents at $66.01 U.S. a barrel.
Gold prices gathered $1.20 to $1,185.20 U.S. an ounce.
