US stocks turned lower on Friday as macroeconomic headwinds offset the week’s earlier tech-driven optimism. The S&P 500 slipped 0.2% from its record high, while the Dow and the Nasdaq 100 each fell as much as 0.5%. Long-dated Treasury yields climbed amid concerns that the Federal Reserve may be too complacent about inflation risks, despite this week’s seemingly benign price data.
Major tech names including Alphabet, Amazon, Broadcom, and Oracle reversed earlier gains to finish in the red. Applied Materials also declined, dropping 5% even after reporting results that beat forecasts.
By contrast, memory-chip makers extended their strong rally from earlier in the week. Sandisk advanced more than 5% following a 14% surge the previous session, while Micron rose 4% on upbeat analyst and broker recommendations. The renewed build-up of long positions in AI infrastructure was further supported by signs of increased spending from hyperscalers, with both OpenAI and Anthropic reportedly targeting IPOs this year; Anthropic also moved to acquire Decart.
