(Bloomberg) — U.S. stocks fell amid a selloff in giant oil producers and concern that a resurgence of coronavirus cases would curb an economic recovery. The dollar rose.

Energy shares led declines in the S&P 500 as Exxon Mobil Corp. and Chevron Corp. had their worst quarterly losses in a generation. Equities also dropped after Florida posted a fourth straight record in deaths by Covid-19 and Arizona’s cases accelerated. House Speaker Nancy Pelosi said Republicans don’t have the votes to extend the $600 per week unemployment benefit that’s propped up incomes and spending. The Nasdaq 100 outperformed after solid results from Apple Inc., Amazon.com Inc., Facebook Inc. and Alphabet Inc.

Signs that the economic rebound is stalling might make it tougher for equities to gain further momentum. U.S. consumer sentiment extended its slide in late July as the resurgent coronavirus led to renewed business closings and layoffs. The extra $600 per week unemployment benefit is set to expire on Friday and Congress has yet to agree on a new stimulus package.

“With the impact of past stimulus measures fading and given some evidence that the global recovery has already stalled, it remains to be seen what will help keep global stock markets elevated in the coming months, especially U.S. stocks,” said Fawad Razaqzada, a market analyst at ThinkMarkets. “There is a risk we may see a correction in August, although it doesn’t have to be as severe as the one we saw in March, for things have since improved and monetary conditions are even more accommodative.”

The S&P 500 still headed toward a fourth straight month of gains, with tech companies continuing to lead the advance in 2020. Their results are a validation for bulls who have bet the industry would emerge from the pandemic stronger than the rest of the market. Since the bottom in March, the Nasdaq 100 has added about $4 trillion in market value. It’s poised to beat the benchmark gauge for a 10th straight month — the longest winning streak in 20 years.

Despite the tech resilience, Michael Sheldon, chief investment officer at RDM Financial Group, said that he wouldn’t be surprised to see the broader market digest recent gains.

“It’s very possible we could enter a bit of a trading range over the next month or two because there’s still a lot of uncertainty,” he said. “If you look ahead 12 to 18 months, the economy is likely to continue to recover from the deep downturn caused by Covid-19. However, it’s important for investors to know that the recovery in the economy is not likely to be in a straight line. There will likely be bumps around the way.”

Some other corporate highlights:

Caterpillar Inc.’s cost cuts helped it make up for slowing sales, but concern of second waves of the coronavirus weighed on the prospects for the rest of the year.Gilead Sciences Inc.’s “remdesivir guidance is hard to believe,” a Raymond James analyst said after the biotech company raised its forecast.Pinterest Inc. said revenue in July jumped as advertisers and users returned to the social-sharing service.

Shares of Apple jumped to a record high on Friday after the iPhone maker reported better-than-expected results for the fiscal third quarter and analysts raised their price targets. The momentum pushed the stock through the upper limit of its trading envelope — a technical measure built around moving price averages — signaling a pullback may be due, which has been the case with recent breaches.

However, those shifts occurred with the stock trading “overbought” and with sell signals generated by its GTI Global Strength Indicator — a measure of upward and downward movements of successive closing prices.

These are some of the main moves in markets:

Stocks

The S&P 500 fell 0.6% as of 1:02 p.m. New York time.The Stoxx Europe 600 Index decreased 0.9%.The MSCI Asia Pacific Index dipped 1.5%.

Currencies

The Bloomberg Dollar Spot Index increased 0.3%.The euro decreased 0.3% to $1.1811.The Japanese yen depreciated 1.1% to 105.86 per dollar.

Bonds

The yield on 10-year Treasuries fell less than one basis point to 0.54%.Germany’s 10-year yield rose two basis points to -0.52%.Britain’s 10-year yield rose two basis points to 0.104%.

Commodities

The Bloomberg Commodity Index increased 0.4%.West Texas Intermediate crude fell 0.2% to $39.83 a barrel.Gold strengthened 0.7% to $1,970.03 an ounce.

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