June import prices and housing starts exceed estimates, but tech stocks fall on AI competition fears and mixed earnings.
US equities declined Friday as concerns over Kimi K3, an open-source AI model from Moonshot, triggered a chip sector selloff. The Nasdaq dropped 1.3%, led by Nvidia’s 2.3% decline, while Micron fluctuated between $804 and $903 before closing at $847, down 0.7%.
Economic data showed June import prices rose 0.3% versus a 0.7% decline expected, and housing starts hit 1.427 million, above the 1.310 million estimate. Industrial production grew 0.1%, slightly below forecasts. WTI crude oil climbed $2.94 to $81.89, and gold rose $42 to $4011.
Netflix fell 7% after earnings, and the S&P 500 closed 0.9% lower. The US 10-year yield dipped 2 bps to 4.55%, while the Canadian dollar outperformed and the British pound lagged.