More drops for superstars caught up in Wall Street’s artificial-intelligence frenzy knocked the U.S. stock market off its record highs.
The S&P 500 fell 1.1% Friday from its all-time high and had its worst day in three weeks. The weakness for tech stocks yanked the Nasdaq composite down a market-leading 1.7%, and the Dow Jones Industrial Average fell 0.5% from its own record set the day before.
Broadcom dragged the market lower even though the chip company reported a stronger profit for the latest quarter than analysts expected. Treasury yields rose to crank up the pressure on stocks.
On Friday:
The S&P 500 fell 73.59 points, or 1.1%, to 6,827.41.
The Dow Jones Industrial Average fell 245.96 points, or 0.5%, to 48,458.05.
The Nasdaq composite fell 398.69 points, or 1.7%, to 23,195.17.
The Russell 2000 index of smaller companies fell 39.15 points, or 1.5%, to 2,551.46.
For the week:
The S&P 500 is down 42.99 points, or 0.6%.
The Dow is up 503.06 points, or 1%.
The Nasdaq is down 382.96 points, or 1.6%.
The Russell 2000 is up 29.97 points, or 1.2%.
For the year:
The S&P 500 is up 945.78 points, or 16.1%.
The Dow is up 5,913.83 points, or 13.9%.
The Nasdaq is up 3,884.38 points, or 20.1%.
The Russell 2000 is up 321.30 points, or 14.4%.
The Associated Press
