US stocks ended Friday's session on a mixed note, with technology shares leading a rebound after a bruising sell-off earlier in the week. The Nasdaq Composite rose 1.09% to 24,579.43, while the S&P 500 gained 0.32% to 7,376.92. The Dow Jones Industrial Average, however, slipped 0.46% to 51,286.21.
Chipmakers powered the recovery. Advanced Micro Devices jumped about 11%, Nvidia rose 2.8%, Intel gained 7.7% and Micron Technology climbed 5.1%, as investors bought back into semiconductor names after steep losses in the previous session. Tesla also rose 4.2%.
Despite Friday's bounce, the week was a rough one for Wall Street. The Nasdaq posted its fourth consecutive weekly decline, falling 3.4% for the week, while the S&P 500 lost 2.7% and the Dow fell 0.9%. The Russell 2000 small-cap index dropped 2.1% for the week.
The sell-off was driven by worries that the Democrats' sweeping midterm election victories could bring tighter regulation of the artificial intelligence industry, wiping trillions of dollars from global stock market value earlier in the week.
Strong jobs data added another twist. US employers added 165,000 jobs in October, far above the roughly 65,000 economists had expected, and the unemployment rate fell to 4.1%. The resilient labour market fuelled bets that the Federal Reserve could raise interest rates in December, with markets pricing in a 78% chance of a hike.
The 10-year Treasury yield stood at 4.86%, and market volatility remained elevated, with the VIX fear gauge around 25.6.
This article is for information only and is not financial advice.
Sources: Economic Times, Moneycontrol, Reuters, WAM.
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