NEW YORK, New York - U.S. stocks were largely constrained on Friday as chip stocks sold off further, following heavy losses in the sector early in the week. The Chip Index fell more than four percent on the day.

"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 Friday. While there is "a little bit of catch-up to be played by some of the laggards," Mayfield said, "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."

The Standard and Poor's 500 finished at 7,353.53, down 3.96 points, a decline of 0.05 percent. The benchmark index traded between a session low of 7,294.18 and a high of 7,392.95, with trading volume reaching 5.39 billion shares. The index remains well above its 52-week low of 6,132.35 but below its peak of 7,620.90.

The Dow Jones Industrial Average slipped 44.51 points to close at 51,876.11, a drop of 0.09 percent. The blue-chip index saw intraday swings between 51,614.74 and 52,130.07, with volume of 1.205 billion shares. The Dow's 52-week range now stands between 43,340.68 and 52,655.66.

The NASDAQ Composite underperformed, falling 60.99 points to end the session at 25,297.62, a loss of 0.24 percent, as heavyweight technology and growth stocks came under renewed pressure. The tech-heavy index saw trading volume of 9.48 billion shares.

The declines on Wall Street reflected a cautious end to a week that saw mixed economic data and ongoing uncertainty over the trajectory of interest rates. Investors appeared to rotate out of high-valuation tech names into more defensive sectors, a trend that has characterized much of the recent trading action.

U.S. dollar steadies as euro, pound fluctuate; yen flat in quiet FX trading

Foreign exchange markets saw out Friday with modest moves across major currency pairs, as traders digested mixed economic data and awaited further signals on interest rate policy from global central banks.

The euro edged higher against the dollar, with EUR-USD closing at 1.1383, a gain of 0.11 percent on the session. The single currency found support from better-than-expected services sector data out of the eurozone, though gains were capped by lingering concerns over the region's economic growth outlook.

Against the Japanese yen, the dollar posted a slight decline, with USD-JPY settling at 161.74, down 0.03 percent. The pair remained rangebound throughout the day as traders took cues from the widening yield differential between U.S. and Japanese government bonds, though intervention fears continued to linger, capping the curtrency near the 162-level.

The British pound inched down against the greenback, with GBP-USD last trading at 1.3198, a dip of just 0.05 percent. Trading volumes were lighter than usual heading into the weekend.

Commodity currencies saw a weakened performance. The Australian dollar underperformed, with AUD-USD retreating 0.22 percent to settle at 0.6895, while the New Zealand dollar fell 0.15 percent to 0.5639. Meanwhile, the U.S. dollar lost ground against its Canadian counterpart, with USD-CAD settling at 1.4190, down 0.08 percent.

Against the Swiss franc, the dollar slipped marginally, with USD-CHF dipping 0.06 percent to end at 0.8097. 

Global stock markets weaken as tech sell-off, tariff fears weigh on sentiment

World stock markets closed mostly lower on Friday, capping a volatile week dominated by shifting interest-rate expectations and renewed concerns over global trade tariffs. European benchmarks all fell, while Asian markets posted steep losses, led by a brutal rout in South Korea and Japan.

Canadian markets bucked the negative trend. The S&P/TSX Composite Index rose 129.79 points to close at 34,980.00, a gain of 0.37 percent, with trading volume of 277.972 million shares. The TSX was lifted by strength in energy and materials sectors, as commodity prices found support and offset weakness in technology shares that mirrored the U.S. trend.

The positive close for the TSX marked a bright spot in an otherwise subdued session for global equities. The index's outperformance reflected renewed interest in resource-linked stocks, with oil and gold prices both trading higher on the day.

In London, the FTSE 100 closed at 10,508.02, shedding 21.87 points, a decline of 0.21 percent. The index traded between a low of 10,404.73 and a high of 10,530.18 during the session.

Frankfurt's DAX suffered a sharper drop, finishing at 24,671.22, down 323.61 points, or 1.29 percent, as auto and industrial stocks came under pressure. The index hit an intraday low of 24,547.70.

The Paris CAC 40 ended at 8,384.87, losing 46.74 points, a fall of 0.55 percent, after touching a low of 8,342.62. The pan-European EURO STOXX 50 declined by 45.98 points to 6,221.55, a drop of 0.73 percent, while the Euronext 100 Index closed at 1,897.41, down 12.07 points or 0.63 percent.

In Belgium on Friday, the BEL 20 bucked the trend, posting a modest gain of 7.73 points to finish at 5,739.78, an increase of 0.13 percent.

Asian markets saw heavier losses. Hong Kong's HANG SENG INDEX tumbled 405.05 points to 22,671.86, a decline of 1.76 percent, after trading between 22,518.00 and 22,962.46.

The STI Index in Singapore fell 27.23 points to 5,191.73, down 0.52 percent.

In a dramatic session, South Korea's KOSPI Composite Index plunged 519.09 points to close at 8,411.21, a staggering loss of 5.81 percent—the biggest drop among major global indices.

In Taiwan, the TWSE Capitalization Weighted Stock Index also suffered, plummeting 1,683.50 points to 44,571.76, a decline of 3.64 percent.

Japan's Nikkei 225 ended the week on a sour note, tumbling 3,005.46 points to 69,360.88, down 4.15 percent, as technology and export-driven stocks bore the brunt of a stronger yen and tariff anxieties. 

In mainland China, the SSE Composite Index fell 93.02 points to close at 4,027.26, a drop of 2.26 percent, with turnover reaching 1.586 billion shares.

Elsewhere in Asia, Indonesia's IDX Composite slid 102.90 points to 5,896.13, a fall of 1.72 percent.

Among the bright spots, Australia's markets edged higher. The S&P/ASX 200 rose 15.50 points to 8,764.20, a gain of 0.18 percent, and the broader ALL ORDINARIES added 12.60 points to 8,964.20, up 0.14 percent. Across the Tasman in New Zealand, the S&P/NZX 50 inched up 2.19 points to 13,495.24, a marginal 0.02 percent gain.

India's S&P BSE SENSEX also advanced, climbing 109.25 points to 77,100.47, an increase of 0.14 percent.

In Malaysia, the FTSE Bursa Malaysia KLCI rose 3.92 points to 1,667.74, or 0.24 percent, 

In the Middle East, most stock markets were closed and will reopen on Sunday. Israel's TA-125 was an exception. It dipped 54.97 points to last trade 3,968.09, down 1.37 percent.

In Africa, in South Africa, the Top 40 USD Net TRI Index eased 40.09 points to 6,654.29, a loss of 0.60 percent.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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