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Informist, Monday, Jun. 29, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US indices end lower on Fri amid sell-off in technology stocks

 

MUMBAI--0728 IST--All three major US stock indices ended in negative territory on Friday as investors continued to sell technology stocks. The technology-heavy Nasdaq closed 0.2% lower and fared worse than its peers. The index ended lower for the fifth straight session. During this period, it shed nearly 5%.

 

Stocks of chip-making companies led the losses on Friday, with shares of Micron Technology ending nearly 7% lower, while Advanced Micro Devices lost 2%. Shares of Intel closed over 3% lower. This was after a report by The New York Times claimed that OpenAI planned to delay its initial public offering to next year due to the poor performance of Elon Musk's SpaceX following its debut as well as the broader volatility in artificial intelligence-related stocks.

 

The report raised concerns about the "sustainability of their infrastructure spending given the delay in funding from the capital markets," CNBC reported, citing a note by JPMorgan traders.

 

"I still over the next 12 months would bet on chip stocks and AI infrastructure stocks outperforming because the demand is just so insatiable," Ross Mayfield, investment strategist at Baird, told CNBC. While there is "a little bit of catch-up to be played by some of the laggards," Mayfield continued, "I don't necessarily think that this is a full-on rotation where AI infrastructure names are going to be laggards for the next 12 months or anything like that."

 

While technology stocks lagged on Friday, shares of healthcare companies saw gains. Eli Lilly closed over 7% higher, while Johnson & Johnson gained almost 4%. Pharmaceutical player AbbVie advanced more than 4%.

 

Futures of major US indices were marginally higher early on Monday after the US and Iran agreed to stand down following the exchange of strikes over the past few days. Futures tied to the three main US indices were up 0.2-0.6?rly on Monday.

 

Following were the closing levels of major US indices on Friday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	51876.11	(-)0.1
NASDAQ Composite	25297.62	(-)0.2
S&P 500	7354.02	(-)0.1

 

(Shruti Nair)

 

US$1 = INR 94.40

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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