NEW YORK (AP) — Stocks on Wall Street are off to a mixed start Friday morning as another pullback in big technology companies weighs on the market.
The S&P 500 was down less than 0.1% and on track for a weekly loss. The benchmark index remains near the all-time high it set last week. The Dow Jones Industrial Average was up 387 points, or 0.8%, as of 10:02 a.m. Eastern time.
The Nasdaq composite was down 0.6% and headed for its first weekly loss in five
weeks. Weakness for AI stocks has been a major drag on on the tech-heavy index this week.
Despite the uneven start, the majority of U.S. stocks were rising.
Technology companies were the biggest drag on the market. Micron Technology fell 3.9%, Advanced Micro Devices dropped 3.2%, Broadcom was down 1.8% and Intel lost 2.2%.
Netflix’s stock fell 1.4% a day after the company announced that Chief Content Officer Bela Bajaria will be replaced by Peter Rice. The news comes just days after Netflix said that it plans to lay off about 6% of its workforce, amounting to nearly 1,000 positions.
Gains by financial companies helped limit the market slide. JPMorgan rose 2.2%, Citigroup gained 2.9% and Wells Fargo was up 2.1%.
In the bond market, Treasury yields eased. The yield on the 10-year Treasury slipped to 5.09% from 5.10% late Thursday. It had topped 5.30% earlier this month and touched its highest level since 2002 because of worries about high inflation, signals of a strong U.S. economy and other factors.
European markets were higher and Asian markets rose.
Oil prices remained elevated as the global oil supply continues to be under pressure without a deal between the U.S. and Iran to end the Iran war.
Brent crude, the international standard, was flat at $105.89 per barrel. That is still high compared with around $72 a barrel in late February before the start of the war. Brent climbed into triple digits last month, the first time since July.
The national average for gasoline is at $4.33 a gallon on Friday, according to AAA. While that’s lower than the $4.37 a gallon that it averaged last month, it’s sharply higher than the $3.06 a gallon from a year ago.
Oil remains well-supported as uncertainties surrounding the situation in the Middle East and concerns over oil flows in the Strait of Hormuz had the market “pricing in a significant risk premium,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary Friday.
