Stocks fell on Friday, bogged down by losses in technology stocks and a rise in U.S. Treasury yields, after a summit between President Donald Trump and Chinese President Xi Jinping ended and left traders worried about no major policy breakthroughs.
The Dow Jones Industrials dropped 543.32 points to move into noon hour Friday at 49,543.32.
The S&P 500 dumped 81.07 points, or 1.1%, to 7,420.17.
The NASDAQ sank 359.91 points, or 1.3%, to 26,277.60.
Investors took profits in tech after the group saw sharp gains recently. Notably, Intel retreated 6%, while Advanced Micro Devices and Micron Technology lost around 5% each. Nvidia dropped 4%, while Cerebras Systems — which surged 68% Thursday after it began trading on the NASDAQ — shed 4%.
Microsoft was an exception, however. The stock was nearly 2% higher after Bill Ackman said Friday that Pershing Square has built a position in the name.
Boeing shares extended their losses Friday, moving lower by 2% following a nearly 5% drop in the previous session, as investors were let down by Trump saying that China has agreed to buy 200 Boeing jets — just 50 more than the company had previously anticipated.
Prices for the 10-year Treasury weakened considerably, hiking yields to 4.59% from Thursday’s 4.48%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.46 to $104.63 U.S. a barrel.
Gold prices slid $136.50 to $4,548.80 U.S. an ounce.
