U.S. equity markets slid Friday morning as Congressional gridlock on a new COVID-19 relief package and growing tension with China overshadowed better-than-expected jobs growth.

The Dow Jones Industrial Average fell 110 points, or 0.4 percent while the S&P 500 and the Nasdaq Composite dropped 0.15 percent and 0.16 percent respectively. A higher close for the S&P would extend its winning streak to six, the longest since April 2019.

Looking at the economy, U.S. payrolls added 1.763 million workers in July as the unemployment rate fell to 10.2 percent, the Labor Department said Friday. Wall Street analysts surveyed by Refinitiv were expecting the addition of 1.6 million jobs to push the unemployment rate down to 10.5 percent.

Leaders on Capitol Hill remain far apart on a number of key issues, making it unlikely a deal for a new COVID-19 relief package will be reached before Congress goes on recess Friday evening until Sept. 8.

In international news, President Trump on Thursday evening issued an executive order stating TikTok, a social media app owned by Chinese tech company ByteDance Ltd. that gathers data from its users, would be banned in 45 days if it is not sold to a U.S. company. Read more at FOX Business