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Stocks were little changed on Friday as a decline in chipmakers brought down the broader tech sector.
The Dow Jones Industrial Average regained 68.21 points to 25,626.94
The S&P 500 picked up 3.34 points to 2,844.03, as information technology declined 0.3%.
The NASDAQ fell 15.76 points to 7,790.77.
The major averages jumped on Thursday with the Dow notching its biggest one-day gain since April. The Dow and S&P 500 were on track to post weekly gains, while the NASDAQ was poised to close lower for the week.
Shares of Applied Materials dropped more than 6% after the company issued weaker--than-expected guidance for its fiscal fourth quarter. Meanwhile, Nvidia fell 4.5% after its revenue forecast disappointed investors. These declines brought down the VanEck Vectors Semiconductor exchange-traded fund (SMH) by 1.1%.
Other major tech companies also fell, including Facebook, Amazon, Netflix and Alphabet.
Investors were also jittery after the Turkish lira resumed its steep decline amid the possibility of more U.S. sanctions. The U.S. warned Turkey it would impose more sanctions on the country if American pastor Andrew Brunson is not released. Brunson has been detained in Turkey since 2016. The threats sent the Turkish lira — which hit a record low against the dollar earlier this week — down by about 4.4%
Chinese tech giant Tencent reported earlier this week its slowest revenue growth rate since 2015, sending U.S. tech companies like Facebook, Netflix and Alphabet lower. Meanwhile, Macy's shares fell sharply on Wednesday as the company struggles to grow sales.
However, investors cheered strong results from WalMart and Cisco Systems on Thursday. Investors were also pleased after National Economic Council Director Larry Kudlow confirmed earlier media reports, which stated that China and the U.S. would hold a fresh round of trade discussions later on this month.
Prices for the benchmark for the 10-year U.S. Treasury gained ground, lowering yields to 2.86% from Thursday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices recovered 43 cents at $65.89 U.S. a barrel.
Gold prices gathered $2.30 to $1,186.30 U.S. an ounce.
