Stock Market Today: NASDAQ Edges Higher as Tough Week Approaches an End

Dow Jones06-27

Stocks look set to close out a turbulent week with a whimper.

U.S. indexes were up slightly in midday trading, following a fourth-straight decline for the S&P 500 and Nasdaq yesterday. Tech stocks are under pressure again, with chip makers lower.

Investors have tapped the brakes on the tech trade this week, as doubts creep in over whether the AI boom can keep running this hot. That's raised the stakes for the broader market rally, given how much of this year's gains have been riding on a handful of tech giants.

Both the Nasdaq and S&P 500 are headed for weekly losses, with the Nasdaq down 4.2% this week. The Dow has managed to eke out a small gain for the week.

Overseas, indexes closely tied to AI fell Friday. Japan's benchmark index slid more than 4%, weighed down by a 13% plunge in Softbank Group's shares, after a media report suggested OpenAI could hold off going public until next year.

Traders are also keeping an eye on oil prices, which whipsawed yesterday after Iran attacked a Singapore-flagged cargo ship in the Strait of Hormuz. Brent crude futures are resuming their retreat, losing about 4% to trade under $73 a barrel.

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