Global equity markets edged lower on Friday and were set for a weekly decline, as continued profit-taking drove a selloff in technology and chip stocks. On Wall Street, the Dow Jones Industrial Average rose 0.31%, the S&P 500 gained 0.28% and the Nasdaq Composite rose 0.24%, though the S&P 500 and Nasdaq were on track for a weekly loss. Chip stocks were down 4.5% and set to shed 7% for the week, the largest weekly decline since March. European stocks fell nearly 0.9%, with technology stocks shedding 1.54%, while MSCI's index of Asian stocks outside Japan fell nearly 3% and South Korea's KOSPI lost as much as 5.8%. Crude oil prices plunged as more tankers left the Strait of Hormuz, with Brent crude futures falling 4.24% to $72.07 per barrel. The yen teetered near its weakest level against the dollar in 40 years at 161.62, while the dollar index fell 0.3% to 101.20. Benchmark U.S. 10-year Treasury yields fell 1.75 basis points to 4.375% and spot gold rose 1.5% to $4,086.29 an ounce.
Apple Inc.Tech selloff drags markets, but Apple not specifically mentioned; part of broader sector weakness.