Tech stocks led weekly gains but reversed Friday after the US-China summit weighed on the Nasdaq Composite Index.
The Nasdaq Composite Index fell 1.54% on Friday, snapping a weeks-long rally as tech stocks retreated following the US-China summit. Cisco emerged as a standout gainer for the week, while Intel lagged behind peers in performance.
Earlier in the week, tech stocks had driven the index higher, but Friday’s decline erased some of those gains. The drop aligned with broader market sentiment after the summit, which failed to deliver immediate trade relief. Comparable periods saw similar volatility amid geopolitical tensions.
No immediate market reaction details were provided, but the shift underscored investor caution ahead of further developments.