Stocks edged down on Friday, but the tech-heavy Nasdaq Composite fell for the fifth session in a row after a slight drop.
Concretely, the S&P 500 lost 0.05%, while Nasdaq Composite did so 0.24%, losing about 4% this week. The Dow Jones Industrial Average dropped 0.09% but was the only major U.S. index to end the week with an increase (0.6%).
CNBC noted that reports about OpenAI potentially delaying its IPO contributed to the weakness, with JPMorgan traders saying that it raised concerns about "sustainability of their infrastructure spending given the delay in funding from the capital markets." Several chipmakers fell, including Micron, Intel and Advanced Micro Devices.
Yahoo News detailed that there have been internal concerns linked to achieving a targeted valuation near the $1 trillion level.
The report also ties the reassessment to recent fluctuations in SpaceX's stock, which has been closely watched by technology investors. The company soared on its first days of trading, but has since returned to a price similar to that of its listing, $150. It was trading at $153 after Friday's close.
In contrast, improved consumer sentiment data provided support to stocks. Concretely, the University of Michigan's Surveys of Consumer said the index increased to 49.5 this month, up from 44.8 in May. However, economist surveyed by Reuters expected the figure to be 50.0.
Joanne Hsu, the director of the Surveys of Consumers, said the cost of living "remains at the forefront of consumers' minds."
"For the third straight month, over half of consumers spontaneously mentioned that high prices are weighing down their personal finances," she added.
The survey also polled respondents' expectations for inflation over the next year. It dropped to 4.6% from 4.8% in May. Expectations for inflation over the next five years dropped to 3.3% from 3.9% last month.
In the crypto area,bitcoin exchange-traded funds have recorded $6.4 billion in net outflows over the past 30 days, marking the largest monthly withdrawal period since the products launched in 2024, according to market data.
The pace of redemptions has extended into the current week, with investors pulling $651 million from bitcoin ETFs in recent trading sessions.
The ETF outflows are shown alongside a sharp drop in bitcoin's price, which fell below $60,000 on Thursday, reaching its lowest level since October 2024, CNBC reported. It was largely unchanged on Friday. The cryptocurrency has now extended a multi-month decline from previous highs, with pressure building across both spot markets and ETF-linked flows.
