Highlights
Major stock indexes ended mixed Friday and at the day’s lows with rotation out of the AI momentum trade weighing on chipmakers and the Nasdaq in particular. The Dow Jones industrial average rose 0.5 percent while the S&P 500 firmed 0.1 percent and the Nasdaq was down 0.6 percent. Bond yields and oil prices retreated from recent highs while the dollar rose.
On Friday, stocks got a bit of a lift from a modest downward correction in bond yields and oil prices after their big run-up this week, and rotation out of the AI trade helped the broader market do better. Best sectors included telecom, hospitals, oil services, airlines, aerospace & defense, and regional banks.
Even with oil prices lower on the day, worries about escalating fighting in the Middle East remain high with reports suggesting President Trump is considering much bigger attacks on Iran.