Wall Street ended a choppy week on an uneven note Friday, with the Dow eking out a modest gain while the S&P 500 and Nasdaq retreated as investors trimmed risk ahead of the weekend. The primary culprit was familiar: uncertainty around the Federal Reserve's next move. With the June Fed meeting on deck, traders were reluctant to make bold bets, and that hesitancy showed up most clearly in the tech-heavy Nasdaq.
The biggest drag on the Nasdaq came from the semiconductor space. Nvidia dropped 3.4% in heavy volume as the AI trade — which has been red-hot all year — finally saw some meaningful profit-taking. When the market's most crowded trade starts to wobble, the broader index feels it immediately. Other mega-cap tech names like AMD and Broadcom also drifted lower in sympathy, amplifying the Nasdaq's underperformance.
On the bright side, defensive and value-oriented names held their own. UnitedHealth Group was the standout gainer of the session, climbing 3.1% after analysts at a major Wall Street firm upgraded the stock, arguing the healthcare giant's cost pressures are finally peaking. Financials and industrials also quietly outperformed, helping the Dow stay in positive territory.
Gold hovered near $3,185 as investors kept a modest safe-haven bid alive, while oil settled around $74 per barrel with little drama. VIX edged up to 18.4 — not alarming, but a clear sign the market is not entirely comfortable heading into a Fed week.