Wall Street closes lower, Nasdaq drops to lowest since November amid tech losses

Wall Street closed lower on Friday (December 12), with losses in technology stocks weighing on the major US indices. The Nasdaq Composite fell 1.69% to 23,195.17, marking its lowest close since November 25. The S&P 500 declined 1.07% to 6,827.41, while the Dow Jones Industrial Average slipped 0.51% to 48,458.05.

Among individual stocks, Lululemon Athletica surged 9.6% after raising its full-year profit forecast and announcing that its chief executive officer would step down. Bristol-Myers Squibb advanced after Guggenheim Securities upgraded the stock to buy. Roblox declined 6.2% after JPMorgan downgraded the stock to neutral.

Broadcom shares dropped about 11% after the chipmaker warned of slimmer future margins. Oracle fell 4.5%, extending losses from the previous session following its weak financial forecast.

The Philadelphia Semiconductor Index declined 5.1%, its weakest session since October 10, with all components ending lower. NVIDIA fell 3.3%. Technology stocks led sectoral losses, falling 2.9%, while consumer staples rose 0.9%.

For the week, the S&P 500 fell 0.63% and the Nasdaq declined 1.62%. The Dow Jones Industrial Average posted a weekly gain of 1.05%.