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The S&P 500 fell on Friday as mounting jitters over artificial intelligence spending dragged tech lower, putting the index on pace for a losing week.
The Dow Jones Industrials regained 52.11 points to 52,605.08,
The much broader index lost 41.01 points to 7,492.54
The NASDAQ Composite slid 317.98 points, or 1.2%, to 25,560.16
Shares of Applied Materials and LAM Research declined around 5%, while Intel, KLA Corporation and Arm were around 4% lower. Micron lost more than 2%, and Nvidia lost more than 3%.
Those losses added to declines seen in the previous session, which were also led by semiconductors. Adding to that downbeat sentiment,
Chinese startup Moonshot AI unveiled a new model that it says narrows the gap with the top offerings in the U.S.
The major stock benchmarks are also down week to date, with the S&P 500 off by nearly 2%, while the Dow has slipped more than 1% and while NASDAQ sank 3%.
Prices for the 10-year Treasury hiked, lowering yields to 4.52% from Thursday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.76 to $81.71 U.S. a barrel.
Gold prices surged $10.90 to $4.003 U.S. an ounce.
S&P Flopped, Headed for Losing Week
