Wall Street has retreated and headed into the weekend with a broad sell-off due to weak earnings, surging coronavirus cases and geopolitical uncertainties.

For the second day in a row, the tech sector weighed heaviest on all three major US stock averages.

Intel Corp led the decline, its shares plunging 16.2 per cent after the chipmaker reported a delay in production of a smaller, faster 7-nonometer chip.

“There’s a skittishness ahead of the weekend after yesterday’s tech and growth sell-off,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

“It’s been an unbelievable ride for the Nasdaq and tech over the last two months,” Detrick added.

“A well-deserved correction makes a lot of sense in our view.”

Each index posted a weekly loss, with the S&P 500 and the Dow snapping three-week winning streaks.

Nasdaq had its weakest week of the last four.

The retreat followed a rally that brought the S&P 500 to nearly 5.0 per cent below its record high reached in February.

The bellwether index is now near break-even for the year while the Nasdaq has gained more than 15 per cent year-to-date.

“With the rally we’ve seen so far in July, it makes sense to see anxiety ahead of a huge earnings week, the Fed decision and what’s likely to be the worst GDP in our lifetimes,” Detrick added.

Momentum stocks Apple, Alphabet Inc and Amazon.com are scheduled to post results on July 30, the day the US Commerce Department is due to give its first take on second-quarter GDP.

Analysts project that the economy dropped by a bruising 35 per cent during the three-month period.

More than 1000 people died from COVID-19 in the US on Thursday, the third straight day for that grim milestone as total cases surged past 4 million.

The Chinese government fired back at the US shuttering of China’s Houston consulate by closing the US consulate in the city of Chengdu.

The Dow Jones Industrial Average fell 182.44 points, or 0.68 per cent, to 26,469.89, the S&P 500 lost 20.03 points, or 0.62 per cent, to 3,215.63 and the Nasdaq Composite dropped 98.24 points, or 0.94 per cent, to 10,363.18.

Of the 11 major sectors in the S&P 500, all but consumer discretionary closed in the red.

Tech was the biggest percentage loser.

Healthcare lost ground, dropping 1.1 per cent ahead of executive orders by President Donald Trump aimed at lowering drug prices.

Second-quarter earnings season charges ahead, with 128 constituents of the S&P 500 having reported.

Of those, 80.5 per cent have cleared a very low bar of analyst expectations.

American Express Co fell 1.4 per cent after reporting an 85 per cent slump in quarterly profit after setting aside nearly $US628 million ($A884 million) to cover potential defaults.

Verizon Communications Inc’s beat analyst profit and revenue estimates as the telecom had strong demand due to stay-at-home mandates, boosting its shares by 1.8 per cent.

Honeywell International Inc’s cost-cutting efforts resulted in better than expected second-quarter profit but cautioned of many unknowns in the future.

Its shares dropped 2.8 per cent.

Intel rival Advanced Micro Devices Inc jumped 16.5 per cent.

Tesla Inc extended Thursday’s losses, falling 6.3 per cent.

Declining issues outnumbered advancing ones on the NYSE by a 1.92-to-1 ratio; on Nasdaq, a 2.77-to-1 ratio favoured decliners.

The S&P 500 posted 8 new 52-week highs and no new lows; the Nasdaq Composite recorded 24 new highs and 24 new lows.

Volume on US exchanges was 9.57 billion shares compared with the 11.04 billion average over the last 20 trading days.