World stocks dipped on Friday as worries about a global slowdown in smartphone demand dented the technology sector, while oil prices dipped and then recovered after U.S. President Donald Trump sent them lower with a tweet criticizing OPEC.

A U.S. bond sell-off continued for a second day, pushing the 10-year Treasury yield to its highest level in more than four years and steepening the yield curve after two weeks of flattening.

“Looks like OPEC is at it again,” Mr. Trump tweeted, saying oil prices were “artificially Very High! No good and will not be accepted!” Crude futures dipped after the tweet, but recovered and settled slightly higher, set for a second straight week of gains.

Prices have been supported by tightening crude supplies and continued support from OPEC and its allies on supply cuts.

“We have a difficult time seeing how OPEC would in any way be swayed here in terms of changing course, in terms of policy,” said Michael Tran, commodity strategist at RBC Capital Markets.

“One of the major variables that’s fueling the rally in oil prices is the market’s perception that his administration is taking an increasingly hawkish stance on foreign policy,” he said.

Brent crude futures settled at $74.06 per barrel, up 0.38 per cent. U.S. crude oil futures settled 0.13 per cent higher at $68.38.

Weakness among tech stocks drove Wall Street equities lower for a second session, following a slide on Thursday by Apple Inc and its suppliers.

A strong earnings season could offset fears of slowing global growth and help stock markets recover from first-quarter volatility, which was fueled by a trade spat between the United States and China and mounting geopolitical tensions over Syria.

“While fundamentals remain robust, geopolitics and trade war fears, concerns over slowing global growth, and idiosyncratic issues in the tech sector have all weighed,” Deutsche Bank strategists wrote in note to clients. It said a full-blown trade war between the U.S. and China was a major risk.

The Dow Jones Industrial Average fell 202.09 points, or 0.82 per cent, to 24,462.8, the S&P 500 lost 22.98 points, or 0.85 per cent, to 2,670.15 and the Nasdaq Composite dropped 91.93 points, or 1.27 per cent, to 7,146.13.

“There continues to be some concern over interest rates and their potential impact on equities. There’s also been a little bit of a lack of momentum in this earnings period,” said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, NJ.

“It’s not that earnings weren’t good enough but company forecasts often weren’t strong enough to make the market continue to rise,” he said.

Apple was down 4.1 per cent, making it the biggest drag on the major indexes after Morgan Stanley estimated weak demand for its latest iPhones, a day after Taiwan Semiconductor raised fears of softer smartphone sales.

“There’s the Apple news and there maybe some nervousness coming into the upcoming earnings reports,” said Daniel Morgan, senior portfolio manager at Synovus Trust Co in Atlanta.

Alphabet, Facebook, Intel and Microsoft are among the major technology companies reporting next week.

Canada’s main stock index rose on Friday as higher bond yields boosted financials, while shares of Rogers Communications jumped after the telecommunications company reported profits that beat estimates.

The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 29.9 points, or 0.19 per cent, at 15,484.32. Six of the index’s 10 main groups ended higher.

Shares of telecommunications company Rogers Communications jumped 5.9 percent and was the biggest percentage gainer on the TSX after reporting better-than-expected quarterly results late Thursday.

Financial stocks finished 0.6 per cent higher, led by a 1-per-cent rise by Toronto-Dominion Bank. Royal Bank of Canada rose 0.7 per cent.

The energy sector, which accounts for close to one-fifth of the index’s weight, was down 0.6 per cent tracking a dip in prices of oil, one of Canada’s major exports.

Cenovus Energy Inc. fell 3.3 per cent, Enbridge Inc. was down 1.8 per cent, and Canadian Natural Resources Ltd. lost 1.4 per cent.

The materials sector, which includes precious and base metals, miners and fertilizer companies, declined 0.2 per cent.

Canada’s annual inflation rate rose to 2.3 per cent in February, exceeding the central bank’s 2.0-per-cent target for the second straight month but was slightly below analyst expectations of a 2.4-per-cent rise.

Canadian retail sales grew by 0.4 per cent in February, higher than a 0.3-per-cent gain expected by Reuters’ poll of analysts.

“The markets are a little bit disappointed because the numbers are softer than anticipated,” said Derek Holt, head of capital markets economics at Scotiabank. “But to me it still keeps May in play for the Bank of Canada. It doesn’t change the story in terms of the risks in my view.”

Shares in Europe turned steady and were on track for a fourth week of gains.

The pan-European FTSEurofirst 300 index rose 0.05 per cent and MSCI’s gauge of stocks across the globe shed 0.97 per cent.

The recent surge in oil prices to their highest for more than three years supported bond yields across the euro zone. Higher oil prices tend to fuel inflation, leading to tighter monetary policy and higher rates.

U.S. yields also rose, with the 10-year Treasury hitting 2.958 per cent, the highest since January 2014.

“It’s slowly creeping closer to 3 per cent, so the 10-year from a technical standpoint will show up on people’s radar,” said Ryan Larson, head of U.S. equity trading at RBC Global Asset Management in Chicago.

Dovish remarks overnight from Bank of England Governor Mark Carney weakened sterling and helped the FTSE 100 index advance. It was last up 0.54 per cent.

Sterling continued to fall against the dollar, hitting its lowest against the greenback since April 6.

Expectations of a British interest rate increase in May have shrunk.

The dollar index, measured against a basket of peer currencies, rose 0.43 per cent, with the euro down 0.52 per cent to $1.228.