Stock market today: S&P 500, Nasdaq snap 2

Stock market today: S&P 500, Nasdaq snap 2-week win streak as AI jitters pressure tech

US stocks were volatile on Friday, with semiconductor stocks retreating after a report of a potential delay to OpenAI's (OPAI.PVT) IPO added to the headwinds that have whipsawed markets this week.

The tech-heavy Nasdaq Composite (^IXIC) was down 0.2%, while the S&P 500 (^GSPC) fell slightly, with both indexes closing out the week with losses of more than 4% and nearly 2%, respectively.

The Dow Jones Industrial Average (^DJI), which includes fewer tech names, dropped below the flat line, but notched a weekly win of less than 1%.

Concerns are growing that the skyrocketing cost of memory and storage components could hit device makers, after Apple (AAPL) raised prices of its MacBooks and iPads. Memory chipmaker Micron's (MU) stellar earnings showed the squeeze is set to continue.

At the same time, a New York Times report that OpenAI is considering pushing back its mega-IPO until 2027 is also dragging on the appetite for tech.

The AI trade was already under pressure as bets grow on a Federal Reserve interest-rate hike this year. A hot May reading of the Fed's preferred inflation gauge, the Personal Consumption Expenditures index, kept that prospect alive.

Meanwhile, oil prices slumped as tanker traffic continued in the Strait of Hormuz despite an attack on a container ship. Brent crude futures (BZ=F) sank to about $72 a barrel, while WTI crude (CL=F) traded near $69. While the US and Iran have agreed on a 60-day ceasefire, reports of turmoil in the key waterway continue to emerge as Tehran eyes imposing charges for transit.