US stock markets open mixed as Dow Jones and S&P 500 rose 0.2%; NASDAQ 100 extends fall

The US stock markets opened on a flat note on Friday, as Dow Jones and S&P 500 rose 0.2%, while the tech-heavy NASDAQ 100 fell 100 points. Investors continued to assess the risks associated with the AI-infrastructure theme’s financing after bond yields made fresh peaks this week. The hotter-than-expected CPI inflation also bolstered the bets on interest rate hikes at the coming policy meeting, further aggravating investor worry.

Consequently, the tech and chip-making stocks witnessed strong selling pressure throughout the week. Among the major losers, SanDisk Corporation, Intel Corporation, Micron Technology, Marvel Technology, Tower Semiconductor, Advanced Micro Devices and NVIDIA fell as much as 16% for the week to date.

Meanwhile, Magnificent Seven stocks posted a mixed performance, with Apple Inc., Meta Platforms and Microsoft Corporation heading for weekly gains. On the other hand, Amazon Inc., Alphabet Inc., SpaceX and NVIDIA are headed for a weekly loss on Friday.

Amid the weakness and profit-booking sentiment in tech stocks, investors are rotating their bets to defensive stocks in the consumer, finance and retail space. Shares of Walmart Inc., Coca-Cola Company, P&G Company, and Home Depot are headed for weekly gains of as much as 10%.

CoreWeave drops

Meanwhile, shares of CoreWeave fell 6.15% at $65 per share on Friday after reports indicated that their credit rating for their 2032 bond yields touched 15% mark, against the coupon of 9.6% at the start. Meaning, company's ability to raise fresh debt comes at higher borrowing costs, further impacting its profitability and growth. The shares plunged over 20% this week after the credit risks emerged.

Tesla share price soars 3%

In Friday’s regular trading session, shares of Tesla Inc. bounced over 3% after launching the new Roadster. Founder and CEO Elon Musk unveiled the car with unprecedented capabilities, including reaching 0 to 100 mph in a few seconds and flying around.

Global markets snapshot

The European stocks opened in green as bond yields cooled off alleviating some worries of the markets. The German DAX rose 1.19%, while France's CAC 40, and UK's FTSE 100 jumped 0.38%

In Asia, the Korean and Japanese markets bounced back from three-month low levels as investors reconsidered chip stocks after recent fall. The Korean KOSPI surged 2% and Nikkei jumped 1.3% on Friday. The Indian stock markets closed the week on a positive note, surging 2.7%

Besides this, Indonesian stock markets plunged 11%, the worst since 1998 after MSCI reclassified the Indonesian equities from Emerging market category to Standalone market category.