US stock indexes mostly losing ground as tech sector weighs on market

Stocks on Wall Street are mostly slipping Friday as another pullback in big technology companies weighs on the market. The S&P 500 was down 0.5 percent as of 12:23 p.m. Eastern time and on track for a weekly loss. The benchmark index is just below the all-time high it set last week. The Dow Jones Industrial Average wavered between small gains and losses of less than 0.1 percent. The Nasdaq composite was down 1.3 percent and headed for its first weekly loss in five weeks. Weakness for AI stocks has been a major drag on the tech-heavy index this week. Technology companies were the biggest drag on the broader market. Micron Technology fell 3.8 percent, Advanced Micro Devices dropped 3.7 percent, Broadcom was down 3 percent and Intel lost 4.4 percent. The declines in heavyweight tech stocks outweighed losses in most other parts of the market, and the majority of U.S. stocks were rising. It’s been a choppy week for chipmakers and other big tech stocks central to the artificial intelligence industry. Investors are now worried that the companies, which have relied on debt markets to finance a