Nasdaq edges higher, Dow down about 1% as chip stocks attempt a rebound
The semiconductor index rose about 1% a day after its worst drop since June; American Express fell 3.5% on its layoff news.
Stocks were mixed in afternoon trading Friday, with the Nasdaq Composite up about 0.2% a day after the tech rout, while the Dow Jones Industrial Average stayed down about 1%, or roughly 475 points, and the S&P 500 slipped about 0.1%.
An index of semiconductor stocks rose about 1%, partially recovering from Thursday's drop - its biggest one-day percentage fall since June. American Express fell about 3.5%, the day it announced it would cut 5% of its workforce to prepare for AI. Telecom carriers stayed under pressure on the reported SpaceX wireless plans - see our telecom story.
The 10-year Treasury yield edged up to about 4.99% but remained below 5%, down about 11 basis points on the week and on pace for a third straight weekly decline - its longest run lower since June. Oil's surge to a six-month high - see our oil story - kept inflation worries alive heading into next week's Federal Reserve meeting and earnings from Microsoft, Alphabet and Amazon.
