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S&P 500 and Nasdaq fall, strained by tech pullback and yields spike: Live updates
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 S&P 500 shed 0.9%, while the Nasdaq Composite lost 1.3%. The Dow Jones Industrial Average was down 407 points, or 0.8%.
Investors took profits in tech after the group saw sharp gains recently. Notably, Intel retreated 6%, while Advanced Micro Devices and Micron Technology lost 3% and 5%, respectively. Nvidia dropped 3%, while Cerebras Systems â which surged 68% Thursday after it began trading on the Nasdaq â shed 5%.
Stock market today: Dow, S&P 500, Nasdaq sink as yields jump amid inflation jitters
US stocks sank on Friday, retreating from record highs as inflation worries preyed on markets busy gauging the success of the Trump-Xi summit in China.
The tech-heavy Nasdaq Composite (^IXIC) tumbled 1.3%, while the S&P 500 (^GSPC) fell 0.9% after surging to all-time closing highs on Thursday. The Dow Jones Industrial Average (^DJI) lost 0.6%, dropping back below the 50,000 level as stocks came under pressure.
Stocks pulled back after President Trump concluded his visit with Chinese counterpart Xi Jinping in Beijing before flying back to Washington. The two-day summit struck a business-friendly tone, involving 16 top US executives and delivering new deals for the likes of Boeing (BA) and Nvidia (NVDA).
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