Wall Street loses ground under pressure from rising oil prices, more swings for Big Tech stocks
NEW YORK (AP) — Stocks slipped on Wall Street Friday under the weight of rising oil prices and weakness from several Big Tech companies.
The S&P 500 fell 0.5%, adding to its decline from a day before. The index is on track for a second-straight week of losses. The Nasdaq fell 0.1% and is also headed for a weekly loss. The Dow Jones Industrial Average fell 594 points, or 1.1%, as of 10:05 a.m. Eastern time.
Rising oil prices weighed heavily on the broader market, where four out of every five stocks within the benchmark index fell. The price for a barrel of Brent crude oil rose 2.7% to $116.24. It has surged from less than $97 at the start of October and is now at its highest level since March.
Several AI-related companies, with their huge valuations, continued to weigh on the market. Facebook parent Meta Platforms fell 0.5% and Amazon fell 0.6%. Gains of 3.5% for Micron Technology and 0.3% for Nvidia helped offset some of the pressure.
European markets were lower. France’s main index fell 0.9%, though yields on French government bonds eased a bit.
Treasury yields in the U.S. held rose following sharp drops on Thursday. The yield on the 10-year Treasury edged higher to 5.00% from 4.96% late Thursday.
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