U.S. markets closed mostly in red on Friday as fallout from Nvidia CEO Jensen Huang’s resignation and elevated bond yields weighed on technology shares. The weakness on Wall Street also came as treasury yields extended a recent surge following the release of the Labor Department’s report on producer price inflation in the month of October. While the report showed a slightly smaller-than-expected monthly increase in producer prices, the annual rate of producer price accelerated to 6.5 percent, the fastest pace of growth since November 2022. On the sectoral front, semiconductor stocks subsequently turned in some of the tech sector’s worst performances, resulting in a 3.4 percent plunge by the Philadelphia Semiconductor Index. Computer hardware and networking stocks also saw considerable weakness, with the NYSE Arca Computer Hardware Index and the NYSE Arca Networking Index both tumbling by 2.6 percent. Outside of the tech sector, airline stocks also saw some weakness, although energy stocks showed strong moves to the upside.
Nasdaq was down by 229.82 points or 0.91 percent to 25,136.27 and S&P 500 slipped by 30.73 points or 0.40 percent to 7,561.67, while Dow Jones Industrial Average increased by 50.46 points or 0.10 percent to 52,347.55.
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