Technology stocks led declines as semiconductor shares dropped for a third session, while PayPal rallied on reports of a Stripe acquisition offer.
The Nasdaq Composite Index closed 1.40% lower Friday, dragged down by a broad retreat in semiconductor stocks. Intel and Advanced Micro Devices led the declines, extending losses for a third consecutive session amid a global tech sector pullback.
The index had faced pressure all week, with semiconductor stocks underperforming broader markets. Prior sessions saw modest declines, but Friday’s drop marked the steepest weekly loss in the sector. PayPal shares surged on reports of a potential takeover bid for Stripe, offsetting some losses.
Markets showed mixed reactions, with tech-heavy indices under pressure while fintech stocks gained traction on deal speculation.