Weak start for stocks as market heads for a weekly loss

The Associated Press

Stocks are off to a weak start on Wall Street Friday, led by more drops in chipmakers and other technology companies. The S&P 500 was down 0.3% in the early going, keeping the market benchmark on track for its first weekly loss in the last four. The tech-heavy Nasdaq was down 0.9% and the Dow Jones Industrials were barely in the red. Treasury yields continued to move higher as traders get accustomed to the Federal Reserve’s ongoing policy pivot to fighting inflation instead of stimulating the economy. The yield on the 10-year Treasury rose to 2.71%, its highest level in three years.