US stock indexes mostly losing ground as tech sector weighs on market

Stocks on Wall Street experienced a mostly downward trend on Friday, with the tech sector playing a significant role in the decline. The S&P 500 fell by 0.5 percent, trailing behind its weekly loss. The index is approaching an all-time high set last week. The Dow Jones Industrial Average saw minimal gains and losses of under 0.1 percent.

Meanwhile, the Nasdaq composite slid by 1.3 percent, marking its first weekly loss in five weeks. The AI stock weakness has been a major factor behind the tech-heavy index's decline this week. The technology companies were the primary driver of the broader market's slump. Micron Technology plummeted by 3.8 percent, Advanced Micro Devices fell by 3.7 percent, Broadcom saw a 3 percent decline, and Intel dropped by 4.4 percent.

Despite the heavy losses in heavyweight tech stocks, most other parts of the market saw losses, leaving the majority of U.S. stocks to rise. The week has been turbulent for chipmakers and other prominent tech stocks central to the artificial intelligence industry. Investor sentiment has shifted, with concerns growing over the companies that have relied on debt markets to finance their operations.