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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 5% and 3%, respectively. Intel also shed more than 3%, while KLA Corporation dropped more than 4%. Nvidia lost more than 1%.
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.
Alongside chips, shares of Netflix were a major laggard Friday, falling more than 8% as the company’s forecast failed to ease investor concerns that growth is slowing.
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 4.54% from Thursday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices jumped $2.45 to $81.40 U.S. a barrel.
Gold prices surged $26.70 to $4.018.80 U.S. an ounce.
