Wall Street slips and is headed for a losing week

The market was weighed down by technology stocks, especially several big names with huge valuations that give them outsized influence over the direction of the market. Overall, there were more gainers than losers within the S&P 500, but the index was dragged down by a 2.6% drop for Nvidia and a 1.8% drop for Broadcom, among others big names losing ground.

Wall Street remained focused on the latest quarterly reports and forecasts from U.S. companies.

Payments company Block, which operates the Square and Cash App businesses, sank 9.8% after turning in results that fell short of forecasts. Exercise equipment maker Peloton jumped 6.1% after its results beat estimates.

Expedia Group surged 16.6% after beating analysts' quarterly earnings forecasts.

More than 90% of companies within the S&P 500 have reported earnings for their latest quarter. Most companies have reported growth beyond Wall Street expectations and the influential tech sector has the strongest growth, according to data from FactSet.

Corporate profits and forecasts were already being scrutinized by Wall Street as investors try to gauge whether the market's overall high value is justified. The results have taken on more significance amid a lack of other data about the economy because of the U.S. government shutdown, which is now the longest on record.

The shutdown is now responsible for yet another missing economic report typically relied on by Wall Street and economists. The monthly employment data for October was unavailable, as was the monthly data for September previously. The lack of data on employment is especially troubling because the job market was already weakening.

Wall Street still has several private sources of economic data to turn to, outside of earnings. The latest came Friday from the University of Michigan, with its monthly consumer sentiment report. The latest report showed that consumer sentiment fell sharply from a month ago, while economists had expected a slight increase.

The survey also showed that inflation expectations edged slightly higher. Government data on consumer prices and levels inflation is among the information Wall Street and others are lacking because of the government shutdown. Inflation has been stubbornly high and remains a key concern, especially amid a volatile U.S. trade war that could add fuel to rising inflation.

Treasury yields held steady in the bond market. The yield on the 10-year Treasury remained at 4.09% from late Thursday. The yield on the two-year Treasury fell to 3.55% from at 3.56% late Thursday.

Markets in Europe fell and markets in Asia closed lower. China reported that its exports contracted 1.1% in October, as shipments to the United States dropped by 25% from a year earlier. But economists expect Chinese exports to recover after U.S. President Donald Trump and Chinese leader Xi Jinping agreed last week to de-escalate the trade war between the two largest economies.

AP Business Writer Elaine Kurtenbach contributed to this report.