Stocks mostly closed lower on Friday, leaving weekly gains still intact, after shares of computer chip makers came under pressure due to US-China trade tensions. The S&P 500 SPX, -0.16% fell 0.2% to end around 2,887. The Dow Jones Industrial Average DJIA, -0.07% shed 17 points, or less than 0.1%, to finish near 26,090. The Nasdaq Composite COMP, -0.52% slipped 0.5% to end around 7,797. For the week, S&P was up 0.5%, the Dow was up 0.4% and the Nasdaq was up 0.7%. Broadcom Inc. AVGO, -5.57% shares led the slump in tech stocks on Friday after the semiconductor manufacturer lowered its guidance for the rest of the year on late Thursday. Broadcom’s stock tumbled 5.4%. Still, key equity benchmarks were propped up by expectations for the Federal Reserve to signal its plans to cut rates in the near-future at next week’s meeting. In other company news, Chewy Inc. shares CHWY, +59.05% rose 63% after its debut IPO in the New York Stock Exchange. The pet care company’s stock ended at around $36 a share.
All major stock indexes close lower Friday after the Dow failed to defend a late comeback as tech shares came under pressure following lower guidance by chip giant Broadcom Inc. which cited the effects of the U.S.-China trade fight.