(For a live blog on the U.S. stock market, clickLIVE/ or type LIVE/ in a news window.) * Alibaba tumbles despite upbeat earnings report * KKR rises on deal with India's Reliance Industries (Updates with close of trading) By Noel Randewich May 22 (Reuters) - Wall Street ended mixed on Friday in a mostly tame finish to a week of strong gains, as investors gauged China-U.S. tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus. President Donald Trump's warning on Thursday that the U.S. would react strongly to China's plan for a national security law in Hong Kong has raised concerns over Washington and Beijing's possibly reneging on their Phase 1 trade deal.urn:newsml:reuters.com:*:nL4N2D40JE Late in the session, stocks edged lower after the U.S. Commerce Department said it was adding 33 Chinese companies and other institutions to an economic blacklist for human rights violations and to address U.S. national security concerns.urn:newsml:reuters.com:*:nL1N2D41OD The increasing rhetoric between Washington and Beijing has knocked Wall Street off multi-month highs, although the three main indexes still all rose around 3% for the week, fueled by optimism about an eventual coronavirus vaccine and the easing of virus-related curbs. "We still think COVID-19 concerns are in the driver's seat, but we could see U.S.-China relations move back into the front seat," said Eric Freedman, chief investment officer at U.S. Bank Wealth Management. U.S. stock exchanges will be closed on Monday for the Memorial Day holiday. The Nasdaq index is down about 5% from its Feb. 19 record high, helped in recent weeks by gains in MicrosoftMSFT.O , AmazonAMZN.O and other heavyweight companies seen coming out of the economic downturn stronger than their smaller rivals. Real estate.SPLRCR led the S&P 500 sector indexes higher, while energy.SPNY dropped as oil prices sank about 3%.O/R A drop in ChevronCVX.N weighed on the Dow. Unofficially, the Dow Jones Industrial Average.DJI fell 8.96 points, or 0.04%, to 24,465.16, the S&P 500.SPX gained 6.94 points, or 0.24%, to 2,955.45, and the Nasdaq Composite.IXIC added 39.71 points, or 0.43%, to 9,324.59. Mixed earnings from retailers Walmart IncWMT.N , Best Buy Co IncBBY.N and Home Depot IncHD.N earlier this week showed online shopping gaining traction with the lockdown orders, a trend that could damage brick-and-mortar players already feeling pressure from internet rivals. On Friday, Chinese e-commerce giant Alibaba GroupBABA.N reported better-than-expected quarterly profit, but its shares tumbled. Smaller rival Pinduoduo Inc's U.S.-listed sharesPDD.O surged after the company posted upbeat results.urn:newsml:reuters.com:*:nL4N2D43B7 urn:newsml:reuters.com:*:nL4N2D437C NvidiaNVDA.O climbed after forecasting strong quarterly revenue as demand surges for its data center chips.urn:newsml:reuters.com:*:nL4N2D33Y8 KKR & CoKKR.N rose after India's Reliance IndustriesRELI.NS said the private equity firm would buy a 2.3% stake in its digital unit for 113.67 billion rupees ($1.50 billion).urn:newsml:reuters.com:*:nL4N2D40OL Data analytics software maker Splunk IncSPLK.O jumped after it said it expects more demand for its cloud services.urn:newsml:reuters.com:*:nL4N2D341Q (Reporting by Noel Randewich in Oakland, California; Additional reporting by Ambar Warrick in Bengaluru and Pawel Goraj in Gdansk; Editing by Leslie Adler) ((noel.randewich@tr.com; (415) 677 2542; Reuters Messaging: Twitter: @randewich))

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