S&P 500, Nasdaq futures slip after tech rally; Warsh's speech awaited
SPY•Chip stocks and other movers
In the market, chip stocks pulled back after a rally in the previous session, sparked by bellwether Nvidia's blockbuster forecast that indicated the AI-driven rally had room to run.
Still, the gains have put Wall Street's main indexes on track for a rise to cap off an eventful week. If gains hold through close, the indexes could claw back ground lost last week after surging bond yields hammered stocks.
On Friday, Nvidia slipped 1% in premarket trading, and Micron Technology and Intel were down 2.2% each.
Marvell Technology lost 8.6% on doubts over the timing of revenue from its AI chip agreement with Alphabet's Google despite an increase to its 2027 revenue forecast.
Meanwhile, PayPal fell 13.3% after Bloomberg News reported on Thursday that a consortium of buyout firm Advent and payment processor Stripe had decided to abandon their pursuit of the payments firm.
Gap shares advanced 13.5% after naming industry veteran Michael Francis as Old Navy's new CEO and raising its annual profit forecast.
