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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 30-stock index dropped 345.45 points to begin Friday at 49,718.43.
The S&P 500 dumped 67.98 points to 7,433.26.
The NASDAQ sank 332.14 points, or 1.2%, to 26,303.08.
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 4.57% from Thursday’s 4.48%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.85 to $104.02 U.S. a barrel.
Gold prices slid $121.40 to $4,563.90 U.S. an ounce.
