US Stock Market Today: Nasdaq Heads For Big Weekly Loss As Tech Stocks Slip

The benchmark Wall Street indices edged lower on Friday, driven by a decline in artificial intelligence-linked tech companies.

The tech-heavy Nasdaq Composite index was hit hardest and traded nearly 1% lower at 22,843.54 while S&P 500 and Dow Jones traded 0.58% and 0.44% lower at 6,681.46 and 46,706.30.

As of 10:16 pm (EST), Nasdaq traded 0.97% or 222.63 points lower at 22,832, whereas S&P 500 and Dow Jones Industrial Average traded 0.50% at 6,686.74 and 0.15% lower at 46,844.22, respectively.

Big Tech stocks such as Microsoft Corp., Oracle Corp., Nvidia Corp., and Google parent Alphabet Inc. slipped in the early minutes of trade.

"Major indices are facing selling pressure this week,” Craig Johnson at Piper Sandler told Bloomberg. He advised investors to prioritise good risk-reward setups, "potentially after a healthy pullback within this bull market."

In the first hour of trade, Palantir's scrip traded 1.90% lower at $171.75, Microsoft's share declined 0.51%, while Oracle and Nvidia traded 3.26% and 3.10% lower, respectively.

After the market opened, spot gold and crude oil prices ticked higher. US spot gold rose 0.43% to trade at $3,994.51 an ounce, whereas the West Texas Intermediate rose 0.59% to $59.82 a barrel and Brent Crude rose 0.60% to trade at $63.74 a barrel.

The Bloomberg Dollar Spot Index fell 0.1%, while Euro rose 0.2% to $1.1575. The British pound was little changed at $1.3147 and the Japanese yen fell 0.2% to 153.31 per dollar.

Bitcoin, the world's largest traded cryptocurrency, fell 0.6% to $100,447.39. Moreover, the yield on 10-year Treasuries advanced two basis points to 4.10%.