US stock market today: Wall Street opens lower; major indexes headed for losing week

US stocks slipped in morning trade on Friday, with major indexes on track for their first weekly loss in four weeks as technology shares continued to weigh on sentiment.The S&P 500 dropped 0.7%, the Dow Jones Industrial Average fell 143 points (0.3%), and the Nasdaq Composite slid 1.2% as of 9:51 am ET.Big tech stocks led Friday’s decline, weighing heavily on Wall Street. Nvidia slipped more than 2%, extending its weekly loss to over 9%, while Oracle dropped over 3%, bringing its weekly fall to nearly 10%. Palantir Technologies tumbled 14% for the week, and Broadcom slid 5%. Although most S&P 500 stocks traded higher, steep losses in these heavyweight tech names pulled the broader index into the red, AP reported.Wall Street's focus remained on the ongoing corporate earnings season. Payments company Block sank nearly 11% after disappointing quarterly results, while Peloton jumped 6% after its earnings beat expectations.All three major US indexes, the Dow, S&P 500, and Nasdaq are heading for steep weekly losses. The Nasdaq, which fell nearly 2% earlier this week, is set for its worst week since March, while the S&P 500 and Dow are on track for their biggest weekly declines in a month.

European markets fell and Asian markets closed lower, weighed by fresh trade concerns. China’s exports contracted 1.1% in October, with shipments to the US plunging 25% year-on-year, a sharp reminder of lingering trade tensions.However, economists expect Chinese exports to rebound following last week’s agreement between US President Donald Trump and Chinese leader Xi Jinping to ease the ongoing trade war between the world’s two largest economies.Earlier on Thursday, the S&P 500 dropped 1.1%, the Dow Jones Industrial Average slid 0.8%, and the tech-heavy Nasdaq composite tumbled 1.9%.