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U.S. stocks were saddled with modest declines in Friday trade and the main indexes were set to book a weekly loss, weighed by lackluster quarterly earnings and mixed economic data.

The main indexes ticked modestly lower after a housing report showed that sales of new-single family homes in the U.S. dropped to the slowest pace in seven months (

The S&P 500 was down about 5 points, or 0.3%, at 2,096, while the Dow Jones Industrial Average was 28 points, or 0.2%, lower at 17,7706.19, turning sharply lower from earlier trade.

The Nasdaq Composite turned negative, down 7 points, or 0.1%, at 5,140.13 after being the lone bright spot in early trade Friday. Share of Inc. (AMZN), which it an intraday record in early trade after the online retailing giant posted a surprise profit ( late Thursday was limiting losses in the tech-heavy index.

Stocks have rung up three days of losses in a rough week for Wall Street, which has been hurt by disappointing quarterly reports from big companies like Apple Inc. (AAPL), Caterpillar Inc. (CAT) and IBM (IBM), as well as a commodities selloff (

However some bright spots for the S&P 500 included Juniper Networks Inc. (JNPR), Visa Inc. (V) and Starbucks Corp. (SBUX), which were higher after upbeat earnings.

Among the S&P 500 sectors, materials stocks were hit the hardest, with the sector looking at a 3.8% drop over the week, while the energy sector was on track to book a loss of 3%.

What strategists are saying: Despite this week’s retreat, some market watchers remain upbeat.

“Many of the background conditions that had concerned investors, like Greece and the Iranian nuclear program, have turned favorable,” Byron Wein, a senior adviser at Blackstone, said in a note released Thursday.

“That should improve the outlook for equities in the other major markets around the world,” he added.

Leading growth stocks also are sending a positive signal about the broader market, according to MarketWatch contributor Kevin Marder. “The bottom line is that when institutional must-owns like, Facebook (FB) and Netflix (NFLX) — let alone other, smaller growth stocks — move to new-high ground on solid volume amid a sketchy general market, the market is sending a valuable message (,” he writes.

Key economic reports:New-home sales drop 6.8% in June to slowest pace in seven months (

( markets: European stocks traded mostly higher Friday, while Chinese equities closed lower (, but still achieved their third weekly gain in a row.

Gold resumed its downward slide (, but the U.S. oil benchmark rose ( Crude prices have now traded more than 20% lower than a 2015 settle high of $61.43 in June, meeting at least one criterion for entering a bear market. The dollar traded up against its major rivals.

Movers and Shakers: Biogen Inc. (BIIB) dropped 17% after reporting weaker-than-anticipated second-quarter results growth and cutting its 2015 revenue outlook.

TripAdvisor Inc.(TRIP) said its second-quarter profit fell 15% while revenues missed estimates. Shares sank 9%.