U.S. stock futures 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.
Futures for the Dow Jones Industrials sank 434 points, or 0.9%, to 49.720
Futures for the S&P 500 faltered 92.25 points, or 1.2%, to 7,433.25.
Futures for the NASDAQ decreased 499.5 points, or 1.7%. to 29,188.25.
Investors took profits in tech after the group saw sharp gains recently. Notably, NASDAQ futures were bogged down by a 4% loss in Intel and a 3% decline in Advanced Micro Devices and Micron Technology. Nvidia dropped 2%, while Cerebras Systems — which surged 68% Thursday after it began trading on the NASDAQ — shed 3%.
Microsoft was an exception, however. The stock was 0.6% higher after Bill Ackman said in a post on X Friday that Pershing Square has built a position in the name.
Boeing shares extended their losses Friday 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.
Stocks are headed for a winning week, with the S&P 500 and NASDAQ each headed for their seventh straight week of gains. The Dow is on pace for a sixth winning week in seven.
In Japan, the Nikkei 225 stumbled 2% Friday, while the Hang Seng index in Hong Kong lost 1.6%.
Oil prices sprang up $3.18 to $104,35 U.S. a barrel.
Gold prices dropped $131.80 to $4,554.10 U.S an ounce.
