Business

Asian stocks mostly fall as Nvidia weighs on Wall Street

NEW YORK (AP) U.S. stocks drift toward a quiet close to the week Friday, as Nvidia continues to cool off after its torrid run and concerns grow about the strength of the European economy.

The S&P 500 was down 0.1% in early trading, although it was still near its all-time high set Tuesday. The Dow Jones Industrial Average was down 6 points, or less than 0.1%, as of 9:35 a.m. Eastern Time, and the Nasdaq Composite Index was mostly flat.

Nvidia lagged the market again after falling 2.7%. The company's shares have soared more than 1,000% since October 2022 on frenzied demand for its chips, which are powering much of the world's move toward artificial intelligence technology, and it briefly supplanted Microsoft this week as the most valuable company on Wall Street.

But nothing goes up forever, and Nvidias has fallen over the past two days, putting its stock on track for its first losing week in the last nine.

The US stock market broadly followed European markets lower after preliminary reports suggested that trading activity in countries using the euro was weaker than economists expected.

Concerns about the fragility of the European economy have driven down yields there, which also put pressure on Treasury yields in the U.S. bond market.

The 10-year Treasury yield fell to 4.22% from 4.26% Thursday evening. Preliminary data on U.S. business activity will arrive later this morning.

Trading could feature many changes throughout the day, with large swaths of futures contracts for buying stocks and other types of investments expiring.

On Wall Street, the arms manufacturer Smith & Wesson Brands fell 9.8% despite a profit for the last quarter higher than expected by analysts.

Sarepta Therapeutics jumped 31.5% after U.S. regulators approved the use of its drug for children with Duchenne muscular dystrophy who are at least 4 years old.

In overseas stock markets, many Asian indices were also down. Hong Kong's Hang Seng fell 1.7% and South Korea's Kospi fell 0.8%.

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AP Business Editor Yuri Kageyama contributed.

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