NEW YORK (AP) \u2014 Stocks slipped on Wall Street Friday under the weight of rising oil prices and weakness from several Big Tech companies.<\/p>\n
The S&P 500 fell 0.5%, 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% and is also headed for a weekly loss. The Dow Jones Industrial Average fell 594 points, or 1.1%, as of 10:05 a.m. Eastern time.<\/p>\n
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% to $116.24. It has surged from less than $97 at the start of October and is now at its highest level since March.<\/p>\n
Several AI-related companies, with their huge valuations, continued to weigh on the market. Facebook parent Meta Platforms fell 0.5% and Amazon fell 0.6%. Gains of 3.5% for Micron Technology and 0.3% for Nvidia helped offset some of the pressure.<\/p>\n
European markets were lower. France\u2019s main index fell 0.9%, though yields on French government bonds eased a bit.<\/p>\n
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% from 4.96% late Thursday.<\/p>\n
THIS IS A BREAKING NEWS UPDATE. Check back for updates. AP\u2019s earlier story follows below.<\/p>\n
Futures are lower as oil prices reach levels not seen since May amid halting efforts to bring the U.S. and Iran<\/a> back to the negotiation table.<\/p>\n Futures for the S&P 500 fell 0.3% Friday, while Dow Jones futures slid 0.6%. Nasdaq futures dipped 0.1%.<\/p>\n Brent crude, the international standard, rose 1.6% to $114.92 per barrel on Friday. U.S. benchmark crude oil jumped 1.8% to $101.22 per barrel.<\/p>\n Gasoline prices in the U.S. are rising again. The national average for a gallon of regular gas rose 2 cents to $4.29 Friday, according to the AAA, compared with $3.07 a gallon a year ago.<\/p>\n Higher oil prices have weighed on stocks. The price for a barrel of Brent crude oil leaped 4% on Thursday and has shot up from less than $97 at the start of the month on uncertainty about when the war with Iran will allow the global energy industry to return to normal.<\/p>\n Turkey hosted meetings<\/a> Friday with the foreign ministers of Egypt, Pakistan, Saudi Arabia and European nations \u2014 the UK, France, Germany and Italy \u2014 to discuss conflicts in the Middle East and efforts to resolve the Russia-Ukraine war.<\/p>\n Concerns about the cost of building out artificial intelligence continue to weigh on stocks this week, though a sell-off eased early Friday.<\/p>\n AI-related stocks have been swinging on worries<\/a> that the booming sector may be under threat from the rising costs of borrowing money<\/a> to build data centers<\/a> and buy more AI chips.<\/p>\n Meta Platforms, which is pushing its Muse AI agent<\/a>, fell slightly before the market opened Friday after reporting stronger than expected revenue<\/a> for the latest quarter, though profits fell short. The Facebook and Instagram parent company, which closed down 7% on Thursday, also said it\u2019s creating a new class of stock to raise money to pay for AI investments and other expenses.<\/p>\n