Wall Street Ends Mixed as Chip Stocks Plummet and Biotech Firms Rebound

💡 The US stock market closed mixed on Friday, with tech stocks plummeting and biotech firms leading the charge

The US stock market closed mixed on Friday, with tech stocks plummeting and biotech firms leading the charge. The S&P 500 and Nasdaq Composite ended the week in negative territory, while the Dow Jones Industrial Average managed a small gain.

Tech Stocks Take a Hit

The tech-heavy Nasdaq Composite fell 2.5% on the day, with $NVDA plummeting 7.1%. The decline was led by semiconductor stocks, with $TXN and $AMD both falling more than 5%. The rout was sparked by a combination of factors, including concerns over inflation and a potential recession.

Biotech Firms Rebound

In contrast, biotech firms led the charge higher on Friday. $MRNA, the developer of the COVID-19 vaccine, surged 4.5% on the day, while $VIRX, a leading developer of cancer treatments, rose 3.5%. The rebound was driven by a combination of factors, including positive news on clinical trials and improving sentiment on the biotech sector.

What It Means for Investors