US stock indexes mostly losing ground as tech sector weighs on market
Stocks on Wall Street are mostly slipping Friday as another pullback in big technology companies weighs on the market. The S&P 500 was down 0.5 percent as of 12:23 p.m. Eastern time and on track for a weekly loss. The benchmark index is just below the all-time high it set last week. The Dow Jones Industrial Average wavered between small gains and losses of less than 0.1 percent. The Nasdaq…
On Friday, stocks on Wall Street experienced mostly a decline as a pullback in major technology companies affected the market. The S&P 500 saw a 0.5 percent decrease by 12:23 p.m. Eastern time, with a weekly loss anticipated. The index is slightly below its all-time high reached last week. The Dow Jones Industrial Average saw minor gains and losses under 0.1 percent, while the Nasdaq composite declined 1.3 percent, signaling its first weekly loss in five weeks.
Weakness in AI stocks, particularly in technology, has been a significant contributor to the tech-heavy index's decline this week. The biggest drag on the broader market came from technology companies, including Micron Technology, which saw a 3.8 percent drop, Advanced Micro Devices with a 3.7 percent decrease, Broadcom at 3 percent, and Intel losing 4.4 percent.
Despite these declines, the majority of U.S. stocks were still on the rise. The past week has been turbulent for chipmakers and other large tech stocks crucial to the artificial intelligence industry. Investors are now concerned about these companies, which have relied heavily on debt markets to finance their operations.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
