S&P up slightly as tech dips

NEW YORK:

The S&P 500 closed barely higher on Friday, supported by cooling inflation data, but the Nasdaq ended lower as heavyweight technology and communications services shares lost ground on nagging fears of disruption by artificial intelligence.

The S&P 500, the Nasdaq and the Dow all declined for the week with technology stocks on a roller-coaster ride due to uncertainty about the extent to which profits could be disrupted due to AI competition and the hefty spending needed to support the technology.

Equities had started the session strong after data showed US consumer prices increased less than expected in January. This prompted traders to slightly raise the chance of a 25 basis point interest-rate cut in June to 52.3% from 48.9%, according to the CME Group's FedWatch, tool.