U.S. equity markets turned lower Friday afternoon after Apple said it was reclosing some stores because of a resurgence in COVID-19 cases.

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The Dow Jones Industrial Average fell as many as 241 points, or 0.93 percent, while the S&P 500 shed 0.75 percent before both pared losses. The Nasdaq regained positive territory after tumbling as much as 0.53 percent.

The major averages had posted increased earlier in the session after a Bloomberg report said China is ready to increase purchases of U.S. farm products in order to meet the requirements of its phase-one trade deal.

Additionally, Friday is quadruple witching day, meaning stock index futures, stock index options, stock options and single stock futures all expire.

TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES25995.88-84.22-0.32%SP500S&P 5003108.35-6.99-0.22%I:COMPNASDAQ COMPOSITE INDEX9951.8532+8.80+0.09%

Looking at stocks, Apple shares were pushing toward a close in record territory before the company said stores in parts of Arizona, Florida, North Carolina and South Carolina would be temporarily shuttered.

TickerSecurityLastChangeChange %AAPLAPPLE INC.350.57-1.16-0.33%

Casino operators are on the move after Penn National Gaming resumed operations at several locations; it has now reopened 31 of 40 properties. Sports continue to slowly come back, with the Belmont Stakes horse race set for Saturday. Typically the third leg of the Triple Crown, it's coming first this year after the Kentucky Derby and the Preakness Stakes were delayed.

DraftKings priced shares of its upsized common stock offering at $40 apiece. The sale will include 16 million shares from the company and 24 million from earlier investors.

TickerSecurityLastChangeChange %PENNPENN NATL GAMING32.10+0.37+1.17%DKNGDRAFTKINGS40.42-0.42-1.03%

Meanwhile, airlines, cruise operators, hotels and other travel-related names remain in focus as New York City is scheduled to begin Phase 2 of its reopening plan on Monday.

TickerSecurityLastChangeChange %AALAMERICAN AIRLINES GROUP INC.16.17-0.32-1.94%UALUNITED AIRLINES HLDG.37.65-1.69-4.30%DALDELTA AIR LINES INC.30.16-0.63-2.05%LUVSOUTHWEST AIRLINES CO.35.28-0.57-1.59%JBLUJETBLUE AIRWAYS11.69-0.35-2.91%

Elsewhere, movie-theater chain AMC Entertainment plans to reopen about 450 U.S. locations on July 15, and will use a four-phase reopening strategy with the hopes of returning to full seating capacity around Thanksgiving.

Marathon Oil Corp. has held talks with Canadian convenience-store chain Alimentation Couche-Tard and others regarding the sale of its Speedway gas stations, according to The Wall Street Journal.

TickerSecurityLastChangeChange %AMCAMC ENTERTAINMENT HOLDINGS INC5.69+0.06+1.07%MPCMARATHON PETROLEUM CORP39.92+1.45+3.77%

On the earnings front, gunmaker Smith & Wesson reported better-than-expected profit and revenue, but said sales of non-firearm outdoor products were hampered by the COVID-19 pandemic. The company’s spinoff of its American Outdoor Brands is on track to be completed in August.

TickerSecurityLastChangeChange %SWBISMITH & WESSON BRANDS17.86-0.86-4.59%

West Texas Intermediate crude oil fell 32 cents to $38.52 a barrel and gold rallied $21.40 to $1,752.50 an ounce.

U.S. Treasurys were little changed with the yield on the 10-year note holding at 0.695 percent.

Britain's FTSE led the way higher in Europe, up 1.1 percent, while France's CAC and Germany’s DAX advanced 0.42 percent and 0.4 percent, respectively.


In Asia, China’s Shanghai Composite added 0.96 percent, Hong Kong’s Hang Seng climbed 0.73 percent and Japan’s Nikkei gained 0.55 percent.

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