More drops for superstars caught up in Wall Street’s artificial-intelligence frenzy knocked the U.S. stock market off its record highs.
The S&P 500 fell 1.1 percent Friday from its all-time high and had its worst day in three weeks. The weakness for tech stocks yanked the Nasdaq composite down a market-leading 1.7 percent, and the Dow Jones Industrial Average fell 0.5 percent from its own record set the day before.
Broadcom dragged the market lower even though the chip company reported a stronger profit for the latest quarter than analysts expected. Treasury yields rose to crank up the pressure on stocks.
On Friday:
The S&P 500 fell 73.59 points, or 1.1 percent, to 6,827.41.
The Dow Jones Industrial Average fell 245.96 points, or 0.5 percent, to 48,458.05.
The Nasdaq composite fell 398.69 points, or 1.7 percent, to 23,195.17.
The Russell 2000 index of smaller companies fell 39.15 points, or 1.5 percent, to 2,551.46.
For the week:
The S&P 500 is down 42.99 points, or 0.6 percent.
The Dow is up 503.06 points, or 1 percent.
The Nasdaq is down 382.96 points, or 1.6 percent.
The Russell 2000 is up 29.97 points, or 1.2 percent.
For the year:
The S&P 500 is up 945.78 points, or 16.1 percent.
The Dow is up 5,913.83 points, or 13.9 percent.
The Nasdaq is up 3,884.38 points, or 20.1 percent.
The Russell 2000 is up 321.30 points, or 14.4 percent.
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