Those declines came as tech shares — which led the broader market off its coronavirus lows and into record territory — struggled. Facebook, Amazon, Apple, Netflix, Google-parent Alphabet and Microsoft all posted steep weekly losses. The S&P 500 tech sector pulled back by 1%. Tech was under pressure last week in part because of valuation concerns within the space as well as options of individual stocks, ETFs and indexes expired.
Traders kept an eye on Washington heading into the new week as lawmakers struggle to make progress on a new coronavirus stimulus package. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired. President Donald Trump hinted last week he would back a bigger relief package. White House chief of staff Mark Meadows also said he was “probably more optimistic about the potential for a deal.”