US stocks: S&P 500, Nasdaq close lower as Nvidia woes and rate-hike bets pressure US market

The S&P 500 and Nasdaq experienced declines on Friday, primarily driven by concerns surrounding Nvidia and CEO Jensen Huang’s resignation. The tech sector faced increased pressure, particularly the Philadelphia Semiconductor Index, which fell significantly. Although inflation data suggested a slightly lower increase, expectations for further Federal Reserve rate hikes remained unchanged. Major technology companies, including Advanced Micro Devices and Broadcom, contributed to the losses in the sector.

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