The Nasdaq Composite and S&P 500 closed lower on Friday, as Netflix shares fell, but American Express' quarterly gains kept the Dow higher.
Netflix shares fell after the company's second-quarter revenue outlook fell short of analysts' expectations.
But the Dow Jones Industrial Average rose, helped by a surge in American Express shares, after the payments company reported first-quarter earnings that beat expectations.
Sell-offs at the world's biggest technology companies weighed on U.S. stocks, as Wall Street traders braced for a deluge of earnings from the tech sector that has been a key driver of the market's rally.
The session witnessed a decline in the shares of Nvidia, which specializes in electronic chips, which led to the erasure of more than $200 billion from its market value.
On Friday, the S&P 500 index fell 0.88 percent to close below 5,000 points at 4,967.20 points, continuing its decline for the sixth consecutive session, the longest losing streak since October 2022. On a weekly basis, the index fell by about 3.05 percent.
The Nasdaq Composite Index fell 2.05 percent on Friday to 15,282.01 points, its worst day this year. On a weekly basis, the index fell by about 5.52 percent.
In contrast, the Dow Jones Industrial Average rose 0.56 percent to 37,986.40 points, closing with a slight weekly gain of 0.01 percent.
