S&P 500 Falls 0.41% as Chip Stocks Slide; Dow Edges Higher

The S&P 500 closed down 0.41% at 7,560.97 on Friday, dragged by a steep slide in chip stocks, while the Dow Jones Industrial Average managed a small gain of 0.10% to 52,347.55 and the Nasdaq Composite fell a sharper 0.90% to 25,138.73. The small-company Russell 2000 slipped 0.31% to 2,790.49. The 10-year Treasury yield, which moves opposite to bond prices, rose 1.02% to 5.155%, and the VIX, a gauge of expected market volatility, climbed 3.10% to 19.28.

The biggest S&P 500 moves

Charter Communications led gainers, up 4.32%, recovering after a loss the prior day that MarketWatch had described as part of an otherwise weak session. Steris rose 4.29% after Jefferies upgraded the medical supply company to buy from hold, citing strong earnings-per-share (EPS) growth ahead, according to CNBC. Global Payments gained 4.21% as Benzinga included the stock among payment names rallying in Friday's session. Fidelity National Information Services and Fox Corporation each added more than 4%, moving without a specific reason cited in the facts.

On the downside, Advanced Micro Devices (AMD) fell 8.75%, the steepest drop in the index, which Benzinga tied to renewed volatility across artificial intelligence stocks following a sharp prior run-up in the shares. Dell Technologies dropped 7.18% and Cisco fell 6.24%, both moving without a specific reason given in the facts. Coherent and Sandisk also posted declines of around 6% and 5.6% respectively, with no reason cited.

By market value, Nvidia lost about 84.15 billion dollars as shares fell 2.01%, a decline Investor's Business Daily linked to the company's attempt to recover from a prior slide tied to chief executive Jensen Huang's resignation. Broadcom shed roughly 82.82 billion dollars in value on a 4.76% drop, and AMD's percentage decline also erased about 79.39 billion dollars of market value. Meta Platforms was the largest gainer by value, adding about 46.22 billion dollars as shares rose 2.90%, while Alphabet's Class A shares fell 0.98%, cutting about 35.69 billion dollars from its market value.

Sectors

Seven of the eleven S&P 500 sectors finished higher. Consumer staples led with a gain of 1.42%, followed by communication services, up 1.05%, and energy, up 0.93%. Technology lagged badly, falling 2.04%, while consumer discretionary and industrials also declined, down 0.40% and 0.39% respectively.

New highs and lows

Eight S&P 500 stocks touched a 52-week high on Friday and one touched a 52-week low. Coca-Cola, Costco and Edwards Lifesciences were among those reaching new highs, while Coinbase Global was the lone stock to touch a new low, closing down 2.31%.

On the calendar

The Producer Price Index (PPI) for October rose 0.3% month over month, just under the 0.4% consensus and down sharply from September's upwardly revised 1.4% gain. Core PPI, which excludes food and energy, also rose 0.3% in line with forecasts. Federal Reserve officials Collins, Logan, Bowman and Daly all delivered speeches during the day, as did Fed Vice Chair Jefferson in the evening.

Tomorrow, Monday, the New York Federal Reserve releases its Empire State Manufacturing Index for November, with a consensus reading of 10. Tyson Foods is set to report results before the opening bell, with an EPS estimate of 0.53 dollars per share.