Advertisment
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 537.35 points, or 1.1%, to close Friday at 49,526.11.
The S&P 500 dumped 92.74 points, or 1.2%, to 7,408.50.
The NASDAQ sank 410.08 points, or 1.5%, to 26,277.60.
Investors took profits in tech after the group saw sharp gains recently. Notably, Intel retreated 5%, while Advanced Micro Devices and Micron Technology lost 3% and 4%, respectively. Nvidia dropped 2%, 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 4% 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 3% 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 4.60% from Thursday’s 4.48%. Treasury prices and yields move in opposite directions.
Oil prices gained $4.52 to $105.69 U.S. a barrel.
Gold prices slid $132.10 to $4,548.80 U.S. an ounce.
