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U.S. stock indexes veered mostly lower in late-afternoon trading Friday, weighed down by a steep decline in technology companies. Energy stocks were up the most as the price of crude oil rose. Banks and materials companies also climbed. Investors bid up small-company stocks and the dollar strengthened versus several major currencies.
KEEPING SCORE: The Standard & Poor’s 500 index fell 3 points, or 0.1 percent, to 2,430 as of 3:30 p.m. Eastern Time. The Dow Jones industrial average rose 59 points, or 0.3 percent, to 21,242. The Nasdaq composite index declined 107 points, or 1.7 percent, to 6,214. The Russell 2000 index of small-company stocks picked up 4 points, or 0.3 percent, to 1,420.
THE QUOTE: “We’re seeing investors rotate out of the international stocks and into the U.S. stocks in general,” said Sam Stovall, chief investment strategist at CFRA Equity Research. “And also a rotation out of technology and into energy, materials and financials.”
TECH SLUMP: Technology stocks fell sharply, on pace for their biggest single-day loss in nearly a year. Chipmaker Nvidia lost $8.39, or 5.2 percent, to $151.52. Advanced Micro Devices slid 61 cents, or 4.7 percent, to $12.29. Micron Technology shed $1.69, or 5.2 percent, to $30.76.
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CHARGED UP: Several energy sector stocks climbed as the price of crude oil inched higher. Chesapeake Energy gained 23 cents, or 5 percent, to $4.97, while Helmerich & Payne added $3.28, or 6.5 percent, to $53.68. Rig operator Transocean picked up 38 cents, or 4.5 percent, to $8.80.
STREAM THIS: Pandora Media rose on news that SiriusXM will invest $480 million in cash in the online radio company. SiriusXM, which is buying preferred stock and taking a 19 percent stake in Pandora, will also select three people to be named to Pandora’s board. Pandora is breaking off a deal with investment firm KKR from last month. Pandora added 9 cents to $8.51. SiriusXM slid 20 cents, or 3.7 percent, to $5.20.
BIG DATA: Traders bid up shares in DuPont Fabros Technology after the data real estate investment trust and owner of wholesale data centers was acquired by another REIT, Digital Realty Trust. The deal is an all-stock transaction valued at about $7.6 billion. DuPont Fabros Technology shares jumped $5.83, or 10.5 percent, to $61.19. Digital Realty slipped $3.16, or 2.7 percent, to $113.59.
PAINFUL MOVE: Endo International slumped 16.3 percent a day after the Food and Drug Administration asked the drugmaker to take its extended-release pain drug Opana ER off the market because of the risk of abuse from patients injecting it. The stock slid $2.24 to $11.54.
TOUGH CALL: VeriFone Systems shed 3.6 percent after the maker of terminals for electronic payments cut its forecasts and said it will sell or restructure several businesses. The stock lost 66 cents to $17.66.
LACKLUSTER OUTLOOK: HNI slumped 11.6 percent after the maker of office furniture and fireplaces cut its forecasts because of slower sales and falling wholesale revenue. The stock slid $5.20 to $39.71.
ENERGY: Benchmark U.S. crude gained 19 cents to close at $45.83 a barrel in New York. Brent crude, used to price international oils, added 29 cents to settle at $48.15 a barrel in London. Wholesale gasoline rose a penny to $1.50 per gallon. Heating oil inched up 1 cent to $1.43 per gallon. Natural gas added 1 cent to $3.04 per 1,000 cubic feet.
METALS: Gold fell $8.10 to $1,271.40 per ounce. Silver lost 19 cents, or 1.1 percent, to $17.22 per ounce. Copper gained 4 cents, or 1.5 percent, to $2.65 per pound.
TREASURY YIELDS: Bond prices fell. The 10-year Treasury yield held rose to 2.20 percent from 2.19 percent late Thursday.
CURRENCIES: The pound lost more than 2 cents versus the dollar after the Conservatives lost their majority in Parliament, which could send Britain’s negotiations to leave the European Union, due to start June 19, into disarray. The pound weakened to $1.2727 from $1.2943. The dollar strengthened to 110.22 yen from 109.94 yen late Thursday. The euro weakened to $1.1198 from $1.1222.
OVERSEAS: Germany’s DAX rose 0.8 percent, while France’s CAC 40 gained 0.7 percent. Britain’s FTSE 100 added 1 percent. Japan’s Nikkei 225 added 0.5 percent, while South Korea’s Kospi rose 0.8 percent. Hong Kong’s Hang Seng slipped 0.1 percent.