The main US stock market indices opened in the red on Friday, after a rather volatile momentum in the previous session. The tech-heavy Nasdaq Composite was weighed over 1% down by a chipmaker rout.
S&P 500 opened 0.7% lower at 7,306.58, Nasdaq slid 1.09% to open at 25,082.63, and the Dow Jones Industrial Average was down 0.23% to 51,800.87 at open after hitting a fresh high in the last session.
Micron's AI powered rally came to an end, as the shares had a gap down open and traded 6% lower at $1,144.84. Other major chip stocks followed suit and fell. MU's stock has corrected sharply after ending nearly 16% higher in the previous session.
ALSO READ: Micron, Sandisk, AMD Sink Up To 8% As Wall Street Resumes Dumping Chip Stocks
A global tech selloff this entire week had rattled wall street indices. While Micron Technology Inc.'s strong Q3 financial fine print and a stronger revenue forecast helped lift sentiment on Thursday, decline in major names like AMD and Nvidia had dragged Nasdaq lower.
Jitters regarding high valuations of semiconductor giants have been a prominent theme on the Wall Street in the last week, triggering mass offloads.
"After a remarkable rally in recent months, investors have become increasingly sensitive to stretched valuations, rising infrastructure costs associated with AI, and a more hawkish outlook for US monetary policy," Fawad Razaqzada at Forex.com told news agency Bloomberg.
Some of the magnificent seven stocks also bore the brunt of this tech dump with google-parent Alphabet down 2% to $336.50, and Nvidia Corp. extending losses and trading 1.14% lower at $192.8.
ALSO READ: Topping Out? What's Behind Nvidia Stock Cracking 7% In Last Five Days
On the currencies front, the Dollar Spot Index fell weakened and fell 0.2%, whereas euro rose 0.5% to $1.1423 and British pound rose 0.2% to $1.3216; The Japanese yen was little changed at 161.66 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.9% to $58,809.98.
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