Suryaa Now Business News Desk: The S&P 500 and Nasdaq indices closed with losses on Friday as leadership uncertainty at chip manufacturer Nvidia impacted tech shares. Despite the release of inflation data, expectations regarding Federal Reserve interest rate hikes remained unchanged.
Nvidia shares fell by 2 percent following the resignation of CEO Jensen Huang. This marks the first time since October 2012 that Nvidia shares have declined for six consecutive weeks. Given Nvidia's significant role in the artificial intelligence sector, the leadership change and resulting uncertainty have caused concern among investors. Market experts noted that these developments have affected the broader tech and AI sectors.
Regarding the closing figures for U.S. markets, the Dow Jones Industrial Average gained 50.46 points (0.10%) to close at 52,347.55. The S&P 500 index fell by 30.73 points (0.40%) to 7,561.67, and the Nasdaq Composite lost 229.82 points (0.91%) to settle at 25,136.27. Despite short-term fluctuations, the major indices recorded weekly gains, with the S&P 500 rising 2.51%, the Nasdaq 2.27%, and the Dow Jones 2.07%.