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U.S. stocks fell for a second day as investors grew anxious about rising tensions with China and a potential stalling of the economic recovery. Spot gold topped $1,900 an ounce for the first time since 2011.

The S&P 500 Index dipped 0.6% to 3,202.73 as of 4 p.m. New York time, the lowest in more than a week.

The Dow Jones Industrial Average decreased 0.7% to 26,469.55.

The Nasdaq Composite Index declined 0.9% to the lowest in almost three weeks.

The S&P 500 ended the week lower and the Nasdaq 100 notched its first back-to-back losses in 49 days. Intel Corp. plunged on a warning of a production delay. Rival chipmaker Advanced Micro Devices Inc. gained. Verizon Communications Inc. gained after topping sales estimates, somewhat offsetting Intel’s drag on the Dow Jones Industrial Average.

China ordered the U.S. to shut a consulate in a tit-for-tat retaliation, sending equities lower in Asia and Europe. The dollar extended this week’s slide to the weakest level since January, and the offshore yuan dipped. Core European bonds fell after U.S. Treasuries turned lower. Five-year Treasury yields touched an all-time low before bouncing back. Oil held above $41 a barrel in New York.

The Stoxx Europe 600 Index declined 1.7% to 367.29, the lowest in more than a week on the biggest drop in four weeks.

27 July, 2020 - Dow, S&P 500 close higher and Nasdaq jumps 1.7% to start the week as tech stocks soar along with gold

U.S. stock benchmarks finished higher Monday, powered by a rally in technology and e-commerce shares ahead of earnings from biggies, including Facebook FB, -1.44%, Apple AAPL, -1.64%, and Amazon.com AMZN, -1.79% in the coming week.

Dow Jones Industrial Average DJIA, -0.77% closed 115 points, or 0.4%, higher at around 26,584, the S&P 500 index SPX, -0.64% finished up 0.7% at about 3,239, while the tech-laden Nasdaq Composite Index NDX, -1.32% closed up 1.7% at around 10,536 and the Nasdaq-100 NDX, -1.32%, comprised of the Nasdaq's largest companies, closed up 1.8% at 10,674, FactSet data show.

In economic news, a report on orders for durable goods, those lasting at least three years, climbed 7.3% in June, the government said on Monday.

Wall Street economist had forecast on average a gain of 7%.

Stocks fell on Tuesday as tech shares were under pressure and lawmakers continued their debate over the next coronavirus relief package.

The Dow Jones Industrial Average closed 205.49 points lower, or 0.8%, at 26,379.28. The Nasdaq Composite dropped 1.3% to 10,402.09 and the S&P 500 dipped 0.6% to close at 3,218.44.

Shares of Amazon slipped 1.8% and Netflix declined by 1.4%. Alphabet shares fell 1.7%. Facebook shares dipped 1.5% and Apple closed 1.6% lower.

“All of the big momentum tech names are stalling out,” said Mark Tepper, CEO of Strategic Wealth Partners. “They’ve carried people’s portfolios and now they’re running out of steam.”

Reuters: CNBC, Bloomberg, Market Watch