Traders work at the New York Stock Exchange on June 26, 2026.
NYSE
S&P 500 The stock was relatively unchanged on Friday and headed for a weekly loss as investors moved out of major technology stocks and into more defensive areas of the market.
The broader market traded 0.1% lower, while nasdaq composite Fell 0.2%. Dow Jones Industrial Average A decline of 70 points or 0.1%.
The S&P 500 is headed for a loss of more than 1% this week, while the Nasdaq is headed for a 4% decline. The Dow is headed for a winning week, gaining 0.6% in the period.
Chip stocks weakened after The New York Times reported that OpenAI is considering postponing its IPO until next year spacexPoor performance and overall volatility in AI-related stocks following its launch.
JPMorgan traders wrote in a note that the report raised concerns about “the sustainability of their infrastructure spending given delays in funding from capital markets.”
Adam Crisafulli of Vital Knowledge said a delay in the OpenAI IPO “could slow the pace of infrastructure spending.”
shares of micron technology While there was a decline of 4% advanced precision instruments There was a loss of 2%. shares of intel Decline of more than 3%.
The selloff in Asia was particularly severe. SoftBank Group, a major backer of OpenAI, capped losses on Friday with the sector as a whole falling more than 12%. South Korean stock markets closed sharply lower, with the Kospi falling 5.81% to 8,411.21 and the Kosdaq falling 4.10% to 851.37, due to a widespread technology selloff across the region.
Ross Mayfield, investment strategist at Baird, believes the rotation could last “until July” because, in part, of how “extended” some chip stocks have become. He said he’s still bullish on the group in the long term.
“I would still bet on chip stocks and AI infrastructure stocks outperforming over the next 12 months because demand is so insatiable,” he said. While “some of the laggards are going to play a little bit of a role,” Mayfield added, “I don’t necessarily think it’s a full rotation where the AI infrastructure names are going to be the laggards over the next 12 months or anything like that.”
The S&P 500 information technology sector lost 1% on the day, as investors moved out of chip stocks and continued buying shares of healthcare names after the group was a standout in the previous trading day. shares of Eli Lilly Whereas, were up 7% johnson and johnson There was an increase of more than 3%. AbbVie Shares rose more than 1%.
Apart from healthcare, consumer durables, financials and utilities sectors were also the winners of the day. Consumer goods rose more than 1%, while financials and utilities rose 0.8% and 0.4%, respectively.
Better than expected consumer sentiment data as well as improved inflation outlook supported the market on Friday. This comes as Minneapolis Federal Reserve Chairman Neel Kashkari said he now expects one interest rate hike this year to be necessary as a result of rising inflation linked to the conflict in the Middle East.
Oil prices remained low on Friday even after President Donald Trump said Iran had violated the ceasefire agreement with the US.
