Wall Street stocks pulled back from records Friday in a quiet, holiday-shortened session as the festive shopping season kicked off with a deluge of "Black Friday" promotions.
Walmart rose slightly, but most other leading retailers fell, including Target and Amazon, as consumers shift ever more of their dollars to e-commerce from traditional stores.
Analysts said stocks were dragged lower by increased US-China trade friction as Beijing threatened unspecified retaliation after President Donald Trump signed into law legislation supporting Hong Kong pro-democracy protesters.
The market feels "a little angst" on US-China trade relations, although the modest drop suggests few fears a preliminary US-China trade deal will fall apart, said Briefing.com analyst Patrick O'Hare, who added that low trading volume sharpened the decline.
The Dow Jones Industrial Average ended down 0.4 percent at 28,051.69.
The broad-based S&P 500 shed 0.4 percent to 3,141.01, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 8,665.47.
Major indices closed at records the previous three days, leaving US equities solidly higher for the week.
Next week's calendar includes a heavy series of economic reports, such as updates on the manufacturing and services sector, as well as the November US jobs report.