(Sharecast News) - US stocks ended a choppy session in the red on Friday, with all Wall Street benchmarks giving up earlier gains by the close as renewed concerns about AI valuations weighed on market sentiment.
The Dow and S&P 500 finished 0.1% lower, while the Nasdaq fell 0.2%, with all three swinging between gains and losses for most of the day. Friday's moves extended Thursday's weakness, which saw investors rotate out of major tech names, weighing on the Nasdaq and broader global markets.
Investors were seemingly shrugging off another slide in the price of oil amid rising optimism about increased traffic being allowed through the Strait of Hormuz, with crude falling to its lowest levels since before the start of the Iran war in late February. Brent settled 4.3% lower at $71.99 a barrel, while WTI crude fell 3.7% to $69.23.
However, oil prices bounced back after-hours after the US government confirmed it made a retaliatory strike on Iran in response to Thursday's drone attack by Iran on a cargo ship in the Strait. US Central Command said forces had "struck Iranian missile and drone storage locations and coastal radar sites".
SpaceX's fall back down to earth after its IPO frenzy was continuing to weigh on investors' minds, with the stock - flat on Friday at $153.23 - settling below its closing price on its market debut ($160.95) on 12 June.
Rumours that OpenAI is mulling whether to delay its much-anticipated IPO until next year was also hitting sentiment, with banking stocks Goldman Sachs and Morgan Stanley falling sharply as a result. US-listed shares of SoftBank, which holds a roughly 13% stake in the company, was also out of favour.
Apple and Microsoft rebounded after sharp falls in the previous session. On Thursday, Apple announced price increases for its iPad and MacBook ranges, citing higher memory and storage costs, while Microsoft revealed plans to raise prices on its Xbox consoles due to surging component expenses.
On the macro front, the closely watched University of Michigan US consumer sentiment index rose more than expected in June, with revised estimates showing a 49.5 print, up from a record-low 44.8 in May. This was up from the preliminary reading of 48.9, though below the consensus forecast of 50.
The US goods trade deficit widened sharply in May, according to advance figures from the Census Bureau, increasing to $105.8bn from $83bn in April on a seasonally adjusted basis. May's reading marked the widest gap in more than a year and came in well above expectations for a reading of $85bn.
Imports rose 3.6% to $313.4bn, the highest level in 14 months despite recently imposed tariffs, as inbound shipments increased across several categories, including consumer goods and industrial supplies. Exports, on the other hand, fell 5.4% to $207.7bn, the thirdhighest level on record but weighed down by broad price pressures in domestic industries.
US wholesale inventories edged higher in May, according to the Census Bureau, rising 0.3% month-on-month to $943.9bn. May's increase followed a 0.7% gain in April and came in ahead of expectations for a more subdued 0.2% uptick.
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $158.37 5.45%
International Business Machines Corporation (CDI) (IBM) $271.63 5.17%
Johnson & Johnson (JNJ) $254.66 3.99%
Microsoft Corp. (MSFT) $372.97 3.84%
Unitedhealth Group Inc. (UNH) $427.89 2.97%
Travelers Company Inc. (TRV) $327.37 2.85%
Coca-Cola Co. (KO) $82.63 2.75%
Merck & Co. Inc. (MRK) $128.66 2.56%
McDonald's Corp. (MCD) $269.76 1.97%
Visa Inc. (V) $336.23 1.73%
Dow Jones - Fallers
Intel Corp. (INTC) $128.32 -7.18%
Caterpillar Inc. (CAT) $997.47 -5.63%
Cisco Systems Inc. (CSCO) $113.77 -4.86%
Goldman Sachs Group Inc. (GS) $1,019.61 -4.27%
3M Co. (MMM) $164.01 -2.36%
JP Morgan Chase & Co. (JPM) $329.05 -1.81%
Dow Chemical Co. (DOW) $29.04 -0.92%
Chevron Corp. (CVX) $171.06 -0.69%
American Express Co. (AXP) $340.36 -0.61%
Boeing Co. (BA) $217.25 -0.40%
S&P 500 - Risers
Robert Half Inc. (RHI) $32.76 8.87%
Dxc Technology Company (DXC) $8.82 7.17%
Eli Lilly and Company (LLY) $1,208.12 7.13%
Gartner Inc. (IT) $134.96 6.58%
TripAdvisor Inc. (TRIP) $13.76 6.42%
Biogen Inc (BIIB) $216.03 6.19%
Incyte Corp. (INCY) $113.75 5.81%
McCormick & Co. (MKC) $51.05 5.58%
Salesforce.Com Inc. (CRM) $158.37 5.45%
Jack Henry & Associates Inc. (JKHY) $135.00 5.35%
S&P 500 - Fallers
Seagate Technology Plc (STX) $899.90 -17.81%
Western Digital Corp. (WDC) $586.45 -15.86%
QUALCOMM Inc. (QCOM) $189.39 -10.76%
Analog Devices Inc. (ADI) $386.91 -9.28%
Texas Instruments Inc (TXN) $285.42 -8.82%
Keysight Technologies Inc. (KEYS) $328.66 -8.72%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Micron Technology Inc. (MU) $1,132.33 -8.60%
Microchip Technology Inc. (MCHP) $87.93 -8.13%
Intel Corp. (INTC) $128.32 -7.18%
Nasdaq 100 - Risers
NetEase Inc. Ads (NTES) $123.71 7.86%
Workday, Inc. (WDAY) $124.21 6.94%
Biogen Inc (BIIB) $216.03 6.19%
Incyte Corp. (INCY) $113.75 5.81%
Dollar Tree Inc (DLTR) $123.87 5.04%
Check Point Software Technologies Ltd. (CHKP) $130.05 4.77%
Trip.com Group Limited (TCOM) $40.89 4.75%
Adobe Systems Inc. (ADBE) $202.73 4.26%
Intuit Inc. (INTU) $267.72 4.05%
Gen Digital Inc. (GEN) $24.45 4.02%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $899.90 -17.81%
Western Digital Corp. (WDC) $586.45 -15.86%
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
QUALCOMM Inc. (QCOM) $189.39 -10.76%
Analog Devices Inc. (ADI) $386.91 -9.28%
Texas Instruments Inc (TXN) $285.42 -8.82%
Micron Technology Inc. (MU) $1,132.33 -8.60%
Microchip Technology Inc. (MCHP) $87.93 -8.13%
Intel Corp. (INTC) $128.32 -7.18%
Skyworks Solutions Inc. (SWKS) $68.00 -6.72%
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