Traders work during Hawkeye 360’s initial public offering (IPO) at the New York Stock Exchange (NYSE) on Thursday, May 7, 2026, in New York, USA.
Michael Nagle | Bloomberg | Getty Images
Stocks fell on Friday, bogged down by declines in tech stocks and rising U.S. Treasury yields after the conclusion of a summit between President Donald Trump and Chinese President Xi Jinping left traders worried about the lack of major policy progress.
of S&P500 It fell 1.24% to end at 7,408.50. Nasdaq Composite It fell 1.54% to 26,225.14. of Dow Jones Industrial Average It fell 537.29 points (1.07%) to close at 49,526.17.
Investors booked profits in tech after the group’s recent rally. especially, intel Although it retreated by more than 6%, advanced micro device and micron technology They decreased by 5.7% and 6.6%, respectively. Nvidia Although it decreased by 4.4%, cerebral system The stock, which soared 68% on Thursday, fell 10% after opening on the Nasdaq.
“The group has witnessed highly unsustainable activity in recent weeks and remains susceptible to profit-taking regardless of the headlines,” Vital Knowledge’s Adam Crisafulli wrote.
microsoft However, this was an exception. Shares rose 3% on Friday after Bill Ackman said he was building a position under the Pershing Square name.
U.S. bond yields soared, putting pressure on stock prices, pushing the 30-year interest rate above 5.1%. A series of reports this week showed that inflation is picking up again as oil prices continue to soar due to conflicts in the Middle East. Rising interest rates could hit high-growth stocks the hardest.
Oil prices rose on Friday. us West Texas Intermediate Futures International prices rose 4.2% to settle at $105.42 per barrel. brent futures The settlement amounted to $109.26, an increase of 3.35%. It comes after President Trump told Fox News that he was “not going to be any more patient” with Iran, adding: “We should get a deal.”
Investors were disappointed as no major deal was announced after the Trump-Xi summit. The two sides agreed that the Strait of Hormuz must remain open, according to a U.S. announcement shared by White House officials. However, “some of the headlines that came out of the summit ( boeing The order) was overwhelming,” Crisafulli wrote.
Boeing shares extended their losses Friday, falling 3.8% after falling nearly 5% in the previous session. This comes as investors were disappointed after President Trump said China had agreed to buy 200 Boeing jets, just 50 more than the company had previously expected.
Thursday was a winning session for the index. The Dow Jones Industrial Average regained the $50,000 level, and the S&P 500 index closed above $7,500 for the first time.
Stocks continue to plummet to record levels amid renewed enthusiasm around artificial intelligence. Argent Capital Management’s Jed Ellerbrook believes investor sentiment “remains very optimistic overall,” but a peek under the hood shows the broader market is lagging behind the biggest tech companies, a divergence that signals a fragile bull market and is making some investors increasingly nervous.
The portfolio manager noted that the HALO trade earlier this year “shunned” tech stocks in favor of stocks in sectors such as consumer staples and materials. “It’s not fair to say tech stocks will continue to lead forever,” he said. “For one thing of a kind to come along and move the market is inherently riskier than multiple things.”
