NEW YORK — Stocks slipped on Wall Street Friday under the weight of rising oil prices and weakness from several Big Tech companies. The S&P 500 fell 0.5 per cent, adding to its decline from a day before. The index is on track for a second-straight week of losses. The Nasdaq fell 0.1 per cent and is also headed for a weekly loss. The Dow Jones Industrial Average fell 594 points, or 1.1 per cent, as of 10:05 a.m. Eastern time. Rising oil prices weighed heavily on the broader market, where four out of every five stocks within the benchmark index fell. The price for a barrel of Brent crude oil rose 2.7 per cent to US$116.24. It has surged from less than US$97 at the start of October and is now at its highest level since March. Several AI-related companies, with their huge valuations, continued to weigh on the market. Facebook parent Meta Platforms fell 0.5 per cent and Amazon fell 0.6 per cent. Gains of 3.5 per cent for Micron Technology and 0.3 per cent for Nvidia helped offset some of the pressure. European markets were lower. France’s main index fell 0.9 per cent, though yields on French government bonds eased a bit. Treasury yields in the U.S. held rose following sharp drops on Thursday. The yield on the 10-year Treasury edged higher to 5.00 per cent from 4.96 per cent late Thursday. --- Damian J. Troise, The Associated Press
