The S&P 500 was relatively unchanged on Friday and headed for a weekly loss as investors rotated out of key technology stocks and into more defensive areas of the market.
The Dow fell back 44.51 points to 51,876.11.
The much-broader index sank 3.48 points to 7,354.01.
The NASDAQ dipped 60.99 points to 25,297.62.
The S&P 500 is tracking for a more than 1% loss for the week, while the NASDAQ is heading for a 4% drop. The Dow is pacing for a winning week, having risen 0.6% in the period.
Shares of Micron Technology declined 4%, while Advanced Micro Devices lost 2%. Shares of Intel shed more than 3%.
Shares of Eli Lilly were up 7%, while Johnson & Johnson gained more than 3%. AbbVie shares advanced more than 1%.
Chip stocks were weaker after a New York Times report that OpenAI is considering delaying its IPO to next year because of SpaceX’s poor performance following its debut and overall volatility in AI-related shares.
The report raised concerns about “sustainability of their infrastructure spending given the delay in funding from the capital markets,” wrote JPMorgan traders in a note.
Chip stocks were weaker after a New York Times report that OpenAI is considering delaying its IPO to next year because of SpaceX’s poor performance following its debut and overall volatility in AI-related shares.
Consumer sentiment rose but was still at low levels as June drew to a close while longer-term inflation expectations plunged, the University of Michigan reported Thursday.
The university’s Surveys of Consumers saw the headline sentiment index at 49.5, just above the 49.0 consensus estimate from Dow Jones but 10.5% above the May reading.
Prices for the 10-year Treasury forged ahead, lowering yields to 4.37% from Thursday’s 4.40%. Treasury prices and yields move in opposite directions.
Oil prices faded $2.45 to $69.47 U.S. a barrel.
Gold prices leaped $40.40 to $4,088 U.S. an ounce.
