US stock markets opened lower on Friday, with the three major indexes starting the day in the red after investors sold technology stocks.
The S&P 500 fell 0.7% shortly after the opening bell, while the Nasdaq Composite dropped 1.1% at the open.
The tech-heavy index was the biggest loser among the three major indexes, with the Dow Jones Industrial Average falling 237 points, or 0.5%, soon after trading began.
However, losses became smaller later in the trading session, with the S&P 500 and Dow trading near the flat line, while the Nasdaq was down about 0.3%.
The possible IPO delay of OpenAI, which may be pushed to next year, raised concerns that AI companies may spend less on expensive infrastructure in the future.
Chip stocks came under pressure after the report, with Micron Technology shares falling about 2%, Advanced Micro Devices (AMD) also dropping around 2%, and Intel shares declining about 2% as well.
Oracle shares fell more than 1%, while SoftBank Group, one of OpenAI's major backers, fell more than 12%, leading losses in Asia.
On a positive note, JPMorgan Chase upgraded H.B. Fuller stock to “overweight” from “neutral” on Friday, while the University of Michigan survey showed that U.S. consumer sentiment rose in June, but overall confidence is still weak.
Additionally, Diageo was upgraded to “buy” from “hold” by TD Securities, with a new price target of $93 from $88.
Rocket Lab rose 1.5% in premarket trading after NASA selected it for two launch missions, while ON Semiconductor announced an all-stock deal to buy Synaptics for about $7 billion.
