US markets weighed down by an extended sell-off in tech sector

Stocks closed lower on Wall Street as more drops for big tech companies weighed on the market. The S&P 500 lost 1.1 per cent Friday, and the Nasdaq composite sank 2.1 per cent. Both posted their worst week since June. The Dow Jones Industrial Average didn’t do as badly, and fell 0.3 per cent. Chip companies pulled back some more as worries deepened about how long the frenzy over the artificial intelligence (AI) buildout will last. Micron Technology fell 5.6 per cent and Intel lost 5.8 per cent. European and Asian markets closed higher.