U.S. stocks were slightly lower on Friday following a surge in tech stocks on Thursday.
The AI-fueled rally in tech stocks is showing signs of fatigue, with solidly-run Nvidia fluctuating nearly 7% in Thursday’s trading session, closing down 3.5% after rising 3% at one point.
Other AI technology stocks saw sharp reversals and declines on Thursday, with the declines spilling over into Friday’s trading session.
Nvidia shares fell another 2% in early trading on Friday, while shares of Dell, Broadcom and Super Micro Computer were down between 1% and 2%.
With earnings season coming to an end, investors will be focused on economic data next week, including U.S. retail sales for May, industrial production, jobless claims and a series of speeches by senior Federal Reserve officials.
Recent increases in unemployment claims to the highest level since August and a sharp decline in housing starts have some worried that cracks in the recession may be starting to show.
“The slowdown in housing starts in May, particularly for single-family homes, is not temporary, as inventories are rising and traffic volumes appear to be falling close to recessionary levels,” GlobalData TS Lombard said on Thursday.
Below are U.S. stock indexes as of the start of trading at 9:30 a.m. on Friday.
What else is happening today:
Commodities, Bonds and Cryptocurrencies:
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West Texas Intermediate crude rose 0.26% to $81.50 a barrel, while the international benchmark Brent crude rose 0.21% to $85.89 a barrel.
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Gold rose 0.30% to $2,375.50 per ounce.
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The yield on the 10-year Treasury note fell 3 basis points to 4.23%.
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Bitcoin fell 1.65% to $63,777.
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