Highlights
Stock indexes were mostly lower Friday on another weak day for the AI trade but the broader market improved as investors rotated out of AI into energy and defensive sectors.
The Dow Jones industrial average firmed 0.1 percent, the S&P 500 lost 0.4 percent, and the Nasdaq was down 0.9 percent. US Treasury yields rose, oil prices firmed, and the dollar edged up too.
Losses in Nvidia and other AI plays appeared limited by dip-buying from retail players and by analyst commentary saying the firms remained solid and the outlook favorable. Separately, producer price figures came in on the soft side of expectations though that was still high enough to leave intact expectations for Federal Reserve rate increases starting in December.
Among sectors, best were consumer staples, pharma, big banks, apparel, restaurant chains. Lagging were chipmakers, software, memory, aerospace & defense, railroads, and metals. Big tech stocks were mixed.