Dow Jones Retreats as AI Rally Loses Steam

The Dow Jones (DJIA) is set to open Friday in the red amid a pullback in AI and tech stocks following a furious rally.

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Nvidia (NVDA), Apple (AAPL), and Cisco (CSCO) are all trading lower at the time of writing, while Microsoft (MSFT) is showing resilience after Bill Ackman disclosed that his hedge fund, Pershing Square (PSUS), acquired a stake in MSFT during the first quarter.

Trump-Xi Meeting Light on Deals as Yields Climb

Elsewhere, President Trump wrapped up his two-day summit with Chinese President Xi Jinping. While both sides hailed positive developments, the only specific deal or agreement to have been announced so far is a Chinese order of 200 Boeing (BA) jets, which came as a disappointment because analysts were expecting a number around 500.

Rising yields are also pressuring stocks, with the 10-year Treasury yield climbing to its highest level since June 2025 on inflation concerns.