Dow plunges on Texas reopening rollback | Gap soars on the Kanye effect | Microsoft closing retail stores

Stocks cratered on Friday amid rising coronavirus cases and a reopening rollback in Texas.

VIEW IN BROWSER | SUBSCRIBE FRI, JUN 26, 2020 EVENING BRIEF AS OF FRI, JUN 26, 2020 • 04:21 ET DJIA 25015.55 -2.84% -730.05 S&P 500 3009.05 -2.42% -74.71 NASDAQ 9757.22 -2.59% -259.78   Most Active DOW NAME LAST CHG %CHG CSCO 46.31 +1.09 +2.41% MSFT 196.33 -4.01 -2.00% AAPL 353.63 -11.21 -3.07% S&P 500 NAME LAST CHG %CHG GPS 12.07 +1.91 +18.80% F 5.91 -0.12 -1.99% BAC 23.15 -1.57 -6.35% NASDAQ NAME LAST CHG %CHG AAL 12.38 -0.79 -6.00% CSCO 46.31 +1.09 +2.41% FB 216.08 -19.60 -8.32% EDITOR'S NOTE The market had enjoyed a remarkable recovery on hopes for a smooth return to a well-functioning economy, but Texas challenged that optimism on Friday when its governor rolled back reopening plans.   The Lone Star State was among the first to reopen and now it's dealing with a rise in new coronavirus cases and hospitalizations. Cases are increasing in 30 states and the U.S. has hit a record 33,000 for its seven-day average of new infections.   "The resurgence in coronavirus cases is raising concerns that the rebound may be short-lived," said Tom Essaye, founder of The Sevens Report. The Dow Jones Industrial Average fell sharply and ended the week with a loss. Many may have sold stocks fearing the possibility of more rollback announcements over the weekend that could drive equities lower next week.   Bank names also fell Friday after the Federal Reserve on Thursday evening announced the results of its stress tests and said it would prohibit stock repurchases and cap dividends for banks in the third quarter.   It appears the V-shaped recovery investors were betting on is now off the table, said Liz Ann Sonders, chief investment strategist at Charles Schwab. "Now as I watch what's happening I think it's more likely to be rolling Ws," she said.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow drops 700 points to end the week as coronavirus spike raises concern over the economy Texas rolls back its reopening a day after pausing plans as coronavirus cases rise Coronavirus cases grow in more than 30 states as the U.S. sets a record for average daily cases Unilever pauses Facebook and Twitter advertising for rest of 2020 due to 'polarized atmosphere' in U.S. The election is 'Biden's to lose' as Trump alienates voters, says longtime GOP pollster Morgan Stanley's biotech analyst sees a coronavirus second wave and additional lockdowns NBA finalizes plans to resume season at Disney World in Orlando as Florida coronavirus cases surge Track the latest coronavirus news here Gap stock soars after Kanye West touts collaboration with his fashion brand Yeezy Microsoft is permanently closing its retail stores     TOP VIDEO Full interview with 'Black Swan' author Nassim Taleb on Covid risks to markets   CNBC PRO Wells Fargo and Capital One may be forced to slash dividends after Fed test, Morgan Stanley says   SPECIAL REPORTS Tesla's industry lead is growing as legacy automakers 'flail' on driverless cars, Ark Invest analyst says How social media can exacerbate reckless retail trading, according to one behavioral finance pro   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS