Stocks on Friday extended their losing streak to a fifth day, with investors growing more cautious about the COVID-19 pandemic’s impact on the economy. 

President Joe Biden spoke with Chinese President Xi Jinping for the first time in months, provided modest comfort to investors early in the session. While little progress was made, the call highlighted how the world’s two largest economies — which have a raft of differences on critical policy issues between them to work out — are still keeping the lines of communication open.

However, after Bloomberg reported that the Biden administration may investigate Chinese subsidies — and their impact on the U.S. economy — stocks reversed early gains. The Dow shed nearly 300 points, while S&P 500 Index capped its worst streak since a 5-day slide that ended on February 22. 

“The Sino-American relationship is in disrepair, and today’s call does not seem to change this,” noted Marc…

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