A tech selloff pulled stocks lower Friday, as investors brooded over dampening demand for smartphones. Inflation fears pushed bond yields to a three-year high.
Here’s the scoreboard:
Dow Jones Industrial Average: 24,451.03 −213.86 (-0.87%)
S&P 500: 2,667.01 −26.12 (-0.97%)
Nasdaq: 7,146.13 −91.93 (-1.27%)
- Technology stocks extended losses on concerns about slowing global demand for smartphones.
- Apple dragged the tech sector lower, shedding more than 4%. That’s after Morgan Stanley downgraded the stock, citing weak iPhone demand in China.
- A weeklong oil rally paused after President Donald Trump took a swipe at OPEC. Brent sank more than 1% at session lows, but pared losses by the end of the day.
- Shares of Snap jumped about 3% to $15.28. The uptick came after Credit Suisse raised its price target for the company.
- The 10-year Treasury yield climbed above 2.95% for the first time since January 2014. A spike in the Philly Fed’s prices paid index and news that weekly jobless claims edged lower stoked inflation jitters this week.