TECH-HEAVY NASDAQ SLIPS AS CHIP STOCKS SLIDE FROM RECORD HIGHS

On Friday, the Nasdaq and the S&P 500 experienced declines as a rally in chip stocks tapered off. This reversal came despite a mixed labor market report, which revealed that employers added more jobs than anticipated in February, although the unemployment rate unexpectedly rose. Earlier in the session, both indexes briefly reached intra-day record highs before retracing their gains.

Nvidia, a prominent player in the AI sector, led losses among megacap growth and technology stocks, falling by 1.5% after reaching a new record high. Similarly, the Philadelphia Semiconductor Index, which tracks semiconductor stocks, also retreated from its recent peak, ending the session down by 1.8%.

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