U.S. stocks closed mixed on Friday, July 24, 2023, amidst a notable tech selloff due to growing concerns over significant AI investments. The Dow Jones Industrial Average rose 0.5%, or 235.60 points, to finish at 51,947.25, bolstered by a 3.5% increase in Apple Inc. shares. In contrast, the tech-heavy Nasdaq fell 0.6%, or 161.87 points, to close at 24,975.82.
The S&P 500 showed minimal change, gaining less than 0.1%, or 3.68 points, to end at 7,411.98, with real estate and materials sectors performing strongly. A total of 15.03 billion shares changed hands, below the 20-session average of 18.22 billion. Economic data indicated a 1.6% rise in new home sales to an annualized rate of 628,000 units in June.
For the week, the Dow fell 0.4%, while the S&P 500 and Nasdaq saw declines of 0.6% and 2%, respectively. The CBOE Volatility Index (VIX) increased by 0.64% to 18.58, indicating rising market apprehension.
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