Stocks Fall on Tech Selloff, Bond Slide Deepens: Markets Wrap
- S&P 500 pares weekly gain as chipmakers under pressure
- Crude oil falls as Trump slams OPEC; metals rally stutters
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U.S. stocks stumbled into the weekend, as renewed selling in technology shares overshadowed what has so far been a solid earnings season. Inflation concerns sent the dollar higher and Treasury yields topped 2.95 percent.
Major American equity benchmarks fell at least 0.8 percent on Friday, paring gains from earlier in the week. Makers of computer chips and hardware bore the brunt of the selling, with Apple Inc. capping for its biggest rout since early February following a downgrade based on its deteriorating outlook in China. Trade also remains in focus, with Treasury considering an emergency law to curb Chinese investments in sensitive technologies.