Tech losses drag markets down

U.S. stocks fell amid a fresh round of selling in technology shares sparked by weak earnings, while crude capped its longest losing streak ever on concern over a supply glut.

Large-cap tech names dragged the Nasdaq 100 to a loss of more than 1.5 percent and trimmed a weekly advance for the S&P 500. Chipmaker Skyworks plunged after results signaled a slowdown in smartphone demand. West Texas Intermediate crude capped a 10th straight loss, sending small-cap energy shares tumbling more than 2.5 percent. Walt Disney’s strong earnings minimized damage in the Dow Jones Industrial Average.

Mexican stocks erased a second day of losses after the nation’s president-elect said he won’t change any banking laws. The peso turned higher. Europe’s main equity gauge dropped after disappointing forecasts from Richemont and Thyssenkrupp AG. Treasury yields edged lower after the Federal Reserve on Thursday reiterated its plan for “further gradual” rate increases.

Investors have their eyes open to any signs the economic cycle is peaking. While lower oil prices seem mostly driven by a surge in supply, not a drop in demand, there are more worrisome signs coming out of China. Data there show softer producer-price gains, weak car sales and a disappointing outlook from a top online travel company, helping to reignite lingering concerns about the health of the world’s second-biggest economy.

Asian financial shares performed particularly poorly following news that Beijing plans to set quotas for banks to pump credit into private companies. The offshore yuan held this week’s drop as there was little sign of an end to the U.S.-China trade war in the wake of the midterm elections.

Elsewhere, the pound weakened amid ongoing speculation over a potential Brexit deal. Emergingmarket stocks and currencies slid.