(Bloomberg) -- U.S. stocks dropped, extending their worst weekly rout since March, after earnings from the biggest tech companies disappointed investors concerned that a slowing economy will damp profit.The Nasdaq 100 led losses among major U.S. stock gauges after Apple Inc.’s iPhone sales and Twitter Inc.’s user growth both missed estimates, though Google parent Alphabet Inc. jumped after reporting a rebound in digital advertising. The S&P 500’s weekly decline approached 6%. The dollar slipped and Treasury yields ticked higher.In Europe, equities were mixed. Tech stocks also faltered as did Danish drug giant Novo Nordisk A/S, whose earnings disappointed analysts. Banks rose after Spain’s BBVA SA and the U.K.’s NatWest Group Plc reported improved pictures for soured loans.The tech slump, coming after an unprecedented run higher this year, is adding to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities are on course for the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dent sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record.“Today’s action is a reminder of just how fickle markets can be,” said Yousef Abbasi, global market strategist at StoneX. “The earnings themselves were not awful, but the market has priced tech to near perfection and thus one fly -- maybe even a fruit fly -- in the ointment could perpetuate a sell-off.”Elsewhere, spot gold prices rose. Crude oil slumped in New York.Here are the main market moves:StocksThe S&P 500 Index decreased 1.5% as of 10:30 a.m. New York time.The Nasdaq 100 Index dropped 2.4%.The Stoxx Europe 600 Index fell 0.3%.The MSCI Asia Pacific Index sank 1.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The British pound increased 0.1% to $1.2948.The Japanese yen was little changed at 104.56 per dollar.BondsThe yield on 10-year Treasuries rose two basis points to 0.84%.Germany’s 10-year yield climbed one basis point to -0.63%.Britain’s 10-year yield increased two basis points to 0.24%.CommoditiesWest Texas Intermediate crude fell 2% to $35.46 a barrel.Gold strengthened 0.8% to $1,882.84 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.