Stock-market benchmarks wipe out weekly gains as Friday selloff but Tesla is a port in the storm

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U.S. stocks on Friday were seeing heavy selling pressure, led by declines in large-capitalization technology-related companies. The selling action managed to erase weekly gains for the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite . On the day, the Dow was off 1.2% at 27,570, the S&P 500 index was trading 1.5% lower at 3,307, well below its 50-day moving average at around 3,343.34, according to FactSet data. The Nasdaq was nearly 1.8% lower on the session at 10,711. For the week, the Dow was down 0.4% for the week, the S&P 500 was seeing a 1.1% weekly decline, while the Nasdaq was on track for a 1.4% weekly loss. A weekly decline would represent the longest such streak since three weekly declines ended Oct. 4 of 2019 for the Dow and the S&P 500. For the Nasdaq, would mark the longest weekly losing streak since the four-week stretch ended Aug. 23, 2019. However, some stocks were maintaining altitude in the market, including popular Tesla Inc. , which was up 3% despite the broad-market downturn.
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