New York [US], November 8: U.S. stocks were little changed on Friday as investors weighed weak consumer sentiment data and questioned whether the artificial intelligence (AI) investment boom can sustain its momentum.
The Dow Jones Industrial Average rose 74.80 points, or 0.16 percent, to 46,987.10. The S&P 500 added 8.48 points, or 0.13 percent, to 6,728.80. The Nasdaq Composite Index shed 49.45 points, or 0.21 percent, to 23,004.54.
Nine of the 11 primary S&P 500 sectors ended in green, with energy and utilities leading the gainers by climbing 1.56 percent and 1.37 percent, respectively. Communication services and technology led the laggards by declining 0.84 percent and 0.33 percent, respectively.
The preliminary reading of the University of Michigan Consumer Sentiment Index fell to 50.3 in November, the lowest level since June 2022. Its measure of current economic conditions also hit the weakest point in the report's history, underscoring consumer pessimism amid persistent inflation and the ongoing federal government shutdown.
Major AI-related stocks lost momentum this week, with Nvidia, AMD, Tesla and Microsoft all posting notable declines.
Altimeter Capital CEO Brad Gerstner said Friday that the recent pullback in technology shares represented "a healthy correction" following months of strong gains.
"The Nasdaq's gone up 40 percent off the bottom in April. The market was kind of looking for a reason for a breather," Gerstner said to CNBC. "This week, what you saw across the market is everybody looking for an excuse to sell the trade. I think it's healthy. We're taking some of the air out of the bubble. There's a wall of worry that stands in front of us."
Source: Xinhua News Agency
