S&P 500 and Nasdaq fall, strained by tech pullback and yields spike

Stocks fell on Friday, bogged down by losses in technology stocks and a rise in U.S. Treasury yields, after a summit between President Donald Trump and Chinese President Xi Jinping ended and left traders worried about no major policy breakthroughs.

The S&P 500 shed 1%, while the Nasdaq Composite lost 1.3%. The Dow Jones Industrial Average was down 515 points, or 1%.

Investors took profits in tech after the group saw sharp gains recently. Notably, Intel retreated 6%, while Advanced Micro Devices and Micron Technology lost 3% and 5%, respectively. Nvidia dropped 3%, while Cerebras Systems — which surged 68% Thursday after it began trading on the Nasdaq — shed 4%.

“The group has witnessed an extremely unsustainable move in recent weeks and remains vulnerable to profit taking regardless of the headlines,” wrote Adam Crisafulli of Vital Knowledge.

Microsoft was an exception, however. The stock was 3% higher after Bill Ackman said Friday that Pershing Square has built a position in the name.