A slump in technology companies

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A slump in technology companies' shares weighed on the S&P 500 Friday, chipping away at the recent gains of the broad-market benchmark and pushing it into negative territory for the week. 

The S&P fell 1.2%, while the Nasdaq Composite shed 1.6%. The Dow Jones Industrial Average lost about 289 points, or 0.8%. The S&P 500 and Nasdaq posted slim declines for the week, while the Dow eked out a small gain. 

U.S. Stocks Decline, Led by Tech Stocks

Stocks opened lower and losses accelerated midday, with major indexes ending the day near session lows. Tech stocks, the market’s stars this year, were some of the worst performers. The S&P 500’s information technology sector lost almost 2%, dragging the broad stock-market gauge into the red for the week. 

Shares of Adobe dropped 4.2% after the company’s earnings Thursday, and were among the biggest market laggards. The swoon in the shares of the software company led some investors to take a more cautious stance toward other tech companies. Shares of Microsoft shed 2.5%, while Palo Alto Networks lost 2.3%. 

That spreads its tentacles far through the tech sector,” said Mike Bailey, director of research at FBB Capital Partners, of Adobe’s ADBE -4.21% decrease; red down pointing triangle drop. 

Other tech heavyweights, Meta Platforms and Nvidia, each lost more than 3%. 

Nasdaq Composite

Stocks have been trading in a tight range in recent weeks, and moves have been muted after the market rose steadily for much of the year. Many investors have shifted to wagers that the U.S. economy will retain its strength, keeping Treasury yields high and driving gains in everything from oil to stocks. 

Fresh data this week did little to change that view. Economic data this week showed Americans keep spending—though they are growing more pessimistic about the economy—while New York’s manufacturers are feeling better about business conditions. 

Meanwhile, higher gas prices have been rippling through the economy, vexing some investors’ forecasts that inflation would continue to easing. Earlier this week, new data showed that consumer prices rose at the fastest pace in more than a year, fueled by a jump in energy costs.