The Nasdaq Composite and S&P 500 fell Friday after cooler-than-expected wholesale inflation data and a downturn in Nvidia shares further pressured tech stocks. The Dow Jones Industrial Average eked out a small gain.
Nvidia fell 2% as investors cautiously assessed whether it was time to buy the dip following Jensen Huang's exit as CEO. The shares fell nearly 13% this week and have dropped 20% this month.
The broader tech sector was remarkably resilient but slipped, with Advanced Micro Devices and Broadcom among the sharpest fallers, dropping 8.8% and 4.8%, respectively.
AMD was the worst performer in the S&P 500, while Charter Communications was the best, rising 4.3%.
Microsoft rose 0.2% even as a global outage hit the company's Outlook, Teams, and Copilot AI assistant, impacting people and businesses in more than 70 countries. The outage came just days after Anthropic unveiled a new suite of office tools.
SpaceX fell 0.6% ahead of the 15th test launch of its Starship rocket, slated for Friday evening.
Cisco Systems dropped 6.2%. The company reported better-than-expected results for its fiscal first quarter.
Cerebras Systems jumped 11%. The AI chip maker reported third-quarter earnings and announced it struck a new deal with Microsoft.
York Space Systems plunged over 12% and AST SpaceMobile dropped 5.5% after both companies reported third-quarter earnings.
Modine Manufacturing surged 28% following a report that Samsung was in talks to acquire the Wisconsin-based maker of data-center cooling systems.
HawkEye 360 soared 24% after the satellite operator reported a 76% increase in third-quarter international revenue.
Liftoff Mobile rose nearly 31%. The AI-powered advertising company reported third-quarter results that exceeded expectations.
Strategy, Coinbase Global, and Robinhood Markets declined as Bitcoin fell below $70,000, down 3.8% over the past 24 hours. The move lower in cryptocurrencies came as the U.S. dollar index hit a 19-month high.
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