U.S. benchmark indices closed mixed on Friday, with the Dow Jones Industrial Average marking its longest losing streak since 2020.
The blue-chip index fell by 86.1 points, or 0.2%, to end at 43,828.1. Meanwhile, the S&P 500 was virtually unchanged at 6,051.1, and the Nasdaq Composite edged up by 0.1% to 19,926.7.
For the week, the Dow declined by 1.8%, while the S&P 500 dropped 0.6%, snapping a three-week winning streak. The Nasdaq, however, gained 0.3%, bolstered by selective strength in technology stocks.
Technology stocks faced downward pressure throughout the week. Nvidia declined by over 2%, Meta Platforms fell by more than 1%, and Amazon registered a marginal loss.
Conversely, Broadcom surged over 24% to hit a market valuation of $1 trillion. This rally followed the company’s stronger-than-expected fiscal fourth-quarter results, which revealed a 220% annual increase in artificial intelligence-related revenue.
Looking ahead, the Federal Reserve’s policy decision will take centre stage next week, with CME FedWatch Tool indicating a 96% probability of a 25-basis-point rate cut on Wednesday.
Other economic data releases this week include S&P Global PMIs, retail sales, industrial production, business inventories, and building permits.
In the bond market, yields climbed to new three-week highs. The 10-year Treasury yield rose to 4.401%, while the 2-year yield reached 4.249%.