The U.S. markets settled lower on Friday amid continued weakness among technology stocks due to renewed concerns about the artificial intelligence trade. Negative sentiment was also generated in reaction to a significant rebound by the price of crude oil amid supply concerns due to the ongoing conflict in the Middle East. On the sectoral front, Computer hardware stocks saw significant weakness amid the broader tech sell-off, dragging the NYSE Arca Computer Hardware Index down by 7.6 percent to its lowest closing level in almost three months. Semiconductor and networking stocks also showed substantial moves to the downside, with the Philadelphia Semiconductor Index and the NYSE Arca Networking Index plunging by 7.2 percent and 5.2 percent, respectively. Airline, brokerage and software stocks also saw considerable weakness, while pharmaceutical and energy stocks bucked the downtrend.
Nasdaq decreased by 747.72 points or 2.86 percent to 25,436.99, S&P 500 fell by 140.32 points or 1.82 percent to 7,580.07 and Dow Jones Industrial Average was down by 572.25 points or 1.09 percent to 51,770.31.
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