US equities end week higher despite semiconductor sell-off

US shares ended Friday mixed as renewed selling in semiconductor stocks weighed on sentiment. The S&P 500 slipped 0.40% and the Nasdaq fell 1.20%, while the Dow edged up 51 points. Chipmakers bore the brunt of the losses amid uncertainty surrounding Nvidia following CEO Jensen Huang's resignation, as well as increased scrutiny of possible circumvention of US export restrictions in sales of advanced chips to Chinese companies. 

Nvidia fell 2%, Broadcom dropped 4.90%, AMD lost 8.70% and Micron declined 2.50%. Cisco also slid 6.20% despite raising its fiscal 2027 guidance, while Applied Materials fell 2.80% despite reporting record revenue. Investors remained cautious about increasing their exposure to AI-related stocks ahead of Nvidia's earnings next week. Meanwhile, US producer price inflation accelerated to 6.5% year on year in October, its highest level in four years, adding to concerns about persistent price pressures and the outlook for Federal Reserve interest rates. Despite Friday's losses, the major indices ended the week higher, with the S&P 500 up 1.40%, the Nasdaq 100 gaining 2.10% and the Dow adding 472 points. 

European markets also ended Friday mixed, although the broader STOXX Europe 600 edged up 0.02% to a record close of 664.14, securing a 2.44% weekly gain, its strongest advance since June. The STOXX 50 slipped 0.19% to 6 386.86 but still gained 3.51% over the week. Among the major regional indices, London's FTSE 100 rose 0.36% to 10 902.56 and France's CAC 40 added 0.09% to 8 368.91, while Germany's DAX slipped 0.08% to 26 749.95. Gains in insurers, utilities, consumer staples and oil producers helped counter losses in mining and semiconductor stocks. Investors also assessed slightly higher-than-expected US producer price inflation and corporate developments, including a roughly 4% decline in Richemont shares following weaker jewellery sales. 

Across Asia, markets closed mixed as investors adopted a cautious stance ahead of the anticipated meeting between US President Donald Trump and Chinese President Xi Jinping. Japan's Nikkei 225 rose 0.50% to 61 142.35 points, supported by gains in chip-equipment makers Tokyo Electron and Advantest, which advanced 1.70% and 2.08%, respectively. However, memory producer Kioxia Holdings fell 2.25%. TSMC edged up 0.40%, while Hong Kong's Hang Seng Index declined 1.55% to 23 637.60 points and China's Shanghai Composite slipped 0.60% to 3 634.35 points. Concerns over US restrictions on chip access weighed on sentiment, although Semiconductor Manufacturing International Corporation rose 1.44%. 

In South Africa, the local equity market also ended lower on Friday. The All Share Index fell 0.45% to 112 387.86 points, while the Top 40 Index declined 0.47% to 104 486.62 points. Losses were recorded across most major sectors, led by the JSE Financial 15, which declined 1.21% to 26 487.79 points. The JSE Metals and Mining Index fell 0.39% to 118 471.82, while the JSE Industrial 25 lost 0.26% to 127 304.65. The JSE Resource 10 was marginally higher, adding 0.01% to 113 792.75 points. The decline came amid stronger US inflation data, which supported the US dollar and weighed on appetite for emerging-market assets. Domestic sentiment was also affected by a 10.7% year-on-year contraction in September mining output, ongoing industrial smelter closures and caution ahead of the South African Reserve Bank's interest rate decision. Meanwhile, at 19h15 SAST, the rand weakened 0.97% against the US dollar to R16.93. 

In commodity markets, gold remained broadly steady near $3 880 an ounce, holding close to levels last recorded in September 2025. Oil prices, meanwhile, moved higher as prospects of a peace settlement in the Middle East diminished, adding to concerns about the inflation outlook.