Tech selloff drives global equity markets lower
Global equity markets edged lower on Friday, driven by continued profit-taking in technology and chip stocks. The selloff was fueled by worries about structural inflation from massive spending by AI giants and limited availability of key tech components.
Chip stocks were down 4.5% and were set to shed 7% for the week, the largest weekly decline since March. The Dow Jones Industrial Average rose 0.31%, the S&P 500 gained 0.28% and the Nasdaq Composite rose 0.24%.
European stocks fell nearly 0.9%, with technology stocks shedding 1.54%. MSCI’s index of Asian stocks outside Japan fell nearly 3%.