Wall Street turned in an uneven finish Friday as investors unloaded their technology company shares in favor of energy and financial stocks.
The tech-heavy Nasdaq composite, which has outpaced gains by other U.S. stock indexes this year, fell the most.
The S&P 500 index fell 2.02 points, or 0.08 percent, to 2,431.77. The Dow gained 89.44 points, or 0.42 percent, to 21,271.97. The Nasdaq declined 113.85 points, or 1.8 percent, to 6,207.92. The Russell 2000 picked up 6.09 points, or 0.4 percent, to 1,421.71. The indexes also closed out the week unevenly after several days of trading in a mostly narrow range.
"We're seeing investors rotate out of the international stocks and into the U.S. stocks in general," said Sam Stovall, chief investment strategist at CFRA Equity Research. "And also a rotation out of technology and into energy, materials and financials."
Despite the day's big tech stock slide, more stocks rose than declined on the New York Stock Exchange.
U.S. stocks were coming off a two-day winning streak, which included a record high for the Nasdaq on Thursday. They were on track to extend those gains early Friday, each at one point trading above their most recent closing highs.
But then investors began to unload technology stocks. The sell-off centered on the biggest companies in the stock market: Apple, Microsoft, Alphabet and Facebook. But the biggest decliner was chipmaker Nvidia, which lost $10.34, or 6.5 percent, to $149.60.
Alphabet, Google's parent company, fell $34.16, or 3.4 percent, to $970.12, while Apple slid $6.01, or 3.9 percent, to $148.98.
"It's had a good run," said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. "People are taking a little money off the table."
The technology sector fell 2.7 percent. It remains up 18.5 percent for the year.
Traders also bid up shares in energy companies as the price of crude oil rose.
Helmerich & Payne added $2.87, or 5.7 percent, to $53.27. Rig operator Transocean picked up 39 cents, or 4.6 percent, to $8.81.
Benchmark U.S. crude gained 19 cents to close at $45.83 a barrel in New York. Brent crude, used to price international oils, added 29 cents to settle at $48.15 a barrel in London.
Corporate deal news also led to some notable stock moves Friday.
DuPont Fabros Technology jumped 9.8 percent after the data real estate investment trust and owner of wholesale data centers was acquired by another real estate investment trust, Digital Realty Trust. The deal is an all-stock transaction valued at about $7.6 billion. DuPont Fabros Technology shares gained $5.44 to $60.80. Digital Realty slipped $3.43, or 2.9 percent, to $113.32.
Pandora Media rose on news that SiriusXM will invest $480 million in the online radio company. SiriusXM, which is buying preferred stock and taking a 19 percent stake in Pandora, will also select three people to be named to Pandora's board. Pandora is breaking off a deal with investment firm KKR from last month. Pandora shares rose 10 cents, or 1.2 percent, to $8.52. SiriusXM slid 20 cents, or 3.7 percent, to $5.20.
Business on 06/10/2017