U.S. markets ended lower on Friday amid a renewed sell-off in technology stocks, driven by concerns over debt-fueled spending on AI infrastructure. Sentiments remained downbeat as the Labor Department said that Import and export prices in the U.S. both increased by far more than anticipated in the month of September. The Labor Department said import prices shot up by 1.1 percent in September after rising by a downwardly revised 0.5 percent in August. Traders paid no heed to a report released by the Federal Reserve showing that U.S. industrial production rose more than expected in September, increasing by 0.7 percent following a revised 0.1 percent uptick in August. Street had expected industrial production to rise by 0.4 percent, compared with the unchanged reading initially reported for the previous month.
On the sectoral front, computer hardware stocks were among the worst performers in the technology sector, extending the sharp declines seen over the past couple of weeks. The NYSE Arca Computer Hardware Index plunged 5.4 percent, closing at a two-month low. Airline stocks also moved sharply lower amid a sustained surge in crude oil prices. The NYSE Arca Airline Index fell 3.2 percent.
Dow Jones Industrial Average decreased by 175.28 points or 0.34 percent to 52,002.41, S&P 500 lower by 84.62 points or 1.09 percent to 7,659.44, and Nasdaq declined by 572.99 points or 2.15 percent to 26,140.03.
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