Overview
- U.S. stocks closed lower Friday, with the Dow down 1.07%, the S&P 500 off 1.24% and the Nasdaq 1.54% lower.
- Chip makers led the drop as investors took profits after a recent rally, with sharp declines in Intel, Micron, Nvidia, AMD and Arm.
- Treasury yields jumped, with the 10‑year near 4.60% and the 30‑year about 5.12% at a one‑year high, and traders now price out Fed rate cuts this year with rising odds for a December hike.
- Oil rose about 4% to WTI near $105 and Brent near $109 after President Trump said China agreed to buy U.S. crude, a claim Beijing has not confirmed.
- Gold and silver futures sank by roughly 3% and 10%, which hit Mexican miners and pushed the S&P/BMV IPC down 1.78% for a second day and 2.96% for the week.