Overview
- U.S. stocks closed lower Friday, with the Dow down 1.07% (537 points) to 49,526, the S&P 500 off 1.24% to 7,408, and the Nasdaq down 1.54% to 26,225.
- Semiconductor names led the decline as investors took profits after a strong run, with Arm down about 8%, Intel off roughly 5.5%, and Micron lower by around 5%.
- The 10-year Treasury yield rose to about 4.60% after recent inflation readings, which lifted borrowing costs and weighed on growth companies.
- Oil prices jumped roughly 4% after President Trump said China accepted it wanted to buy U.S. crude, though Beijing has not confirmed any purchases.
- Precious metals slumped, with silver futures down near 10% and gold about 3%, pressuring Mexican miners and pulling the S&P/BMV IPC down 1.78% for a second day as Peñoles fell 7.86% and Grupo México 4.45%.