Wall Street’s main indexes fell on Friday amid fears that the Middle East conflict could reignite inflation, threatening to stall the AI-driven rally that has powered U.S. stocks.
At 10 a.m. ET, technology was the biggest drag on the S&P 500, as eight of the index’s 11 major sectors traded lower.
Chipmaker giant Nvidia and American multinational semiconductor AMD each fell more than 4 percent, while Intel dropped 6.8 percent. The Philadelphia SE Semiconductor Index slid 4 percent.
Semiconductor equipment maker Applied Materials fell 2.3 percent, despite forecasting third-quarter revenue and adjusted profit above Wall Street estimates.
The Dow Jones Industrial Average fell 436.84 points, or 0.87 percent, to 49,626.62, the S&P 500 lost 84.88 points, or 1.13 percent, to 7,416.36, and the Nasdaq Composite lost 433.36 points, or 1.63 percent, to 26,201.86….