05:14 PM EST, 11/07/2025 (MT Newswires) -- The Nasdaq Composite fell for a second straight session on Friday to log its worst week since the end of March amid continued valuation concerns.

The Nasdaq closed 0.2% lower at 23,004.5. The Dow Jones Industrial Average and the S&P 500 traded in negative territory for most of the day, but managed to close above the flatline. The Dow rose 0.2% to 46,987.1, while the S&P 500 edged 0.1% higher at 6,728.8.

Barring communication services and technology, all sectors logged gains, led by energy.

For the week, the Nasdaq shed 3.3%, the worst decline since the trading week beginning March 31. The S&P 500 and the Dow lost 1.8% and 1.3%, respectively. All three indexes recorded their first weekly decline in four weeks.

"Equity markets pulled back this week with valuation concerns overhanging the tech space," Robert Kavcic, senior economist at BMO Capital Markets, said in a report.

Shares of key tech names were down Friday, with Alphabet (GOOG, GOOGL) falling around 2% and Advanced Micro Devices ( AMD ) dropping 1.8%. Apple (AAPL) and Microsoft ( MSFT ) also closed lower.

Nvidia ( NVDA ) closed largely flat on Friday after a three-day slump. The US chipmaking giant is not in "active discussions" to sell its Blackwell artificial intelligence chips to China and has no plans to ship them there, Reuters reported, citing Chief Executive Jensen Huang.

"It's hard to dispute the strong profit performance underlying the equity market," Kavcic said. "But concerns are starting to center around lofty valuations; concentration of performance in a handful of tech names; more margin use in recent months; the sustainability of the massive data center buildout; and the ultimate question of if AI itself will be profitable enough to justify the massive capital costs that previously free cash flow-heavy tech firms are now having to fund."

Tesla (TSLA) tumbled 3.7% a day after shareholders approved CEO Elon Musk's roughly $1 trillion compensation plan. Wedbush Securities said the electric vehicle maker needs to pass "significant hurdles" to unlock the pay package.

Amazon ( AMZN ) and Meta Platforms ( META ) rebounded on Friday, and so did Palantir Technologies ( PLTR ) .

Take-Two Interactive Software ( TTWO ) shares sank 8.1%, the worst performer on the S&P 500. Late Thursday, the video game publisher again delayed the launch of its highly-anticipated title "Grand Theft Auto VI."

Expedia Group ( EXPE ) shares jumped nearly 18%, the top gainer on the S&P 500. The travel booking platform delivered a quarterly beat late Thursday.

US Treasury yields were mixed, with the 10-year rate up 0.9 basis point at 4.1% and the two-year rate marginally lower at 3.58%.

In economic news, US consumer sentiment fell to the weakest level in more than three years amid concerns about the federal government shutdown's impact on the economy, preliminary results for November from a University of Michigan survey showed Friday.

"With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy," Surveys of Consumers Director Joanne Hsu said. "This month's decline in sentiment was widespread throughout the population, seen across age, income, and political affiliation."

The government shutdown is now in its 38th day. It is the longest ever and has furloughed some federal employees and delayed key economic data, including Friday's nonfarm payrolls report for last month.

The stoppage could cost the world's largest economy up to $14 billion by the end of 2026 if it stretches to eight weeks, based on estimates released last week by the Congressional Budget Office.

Unemployment rate expectations continued to worsen in the US last month, a survey by the Federal Reserve Bank of New York showed. The survey also showed that US consumers' inflation expectations fell at the short-term horizon in October, but stayed unchanged at the medium- and long-term horizons.

Fed Vice Chair Philip Jefferson said it "makes sense to proceed slowly" as policymakers approach the neutral rate. "The current policy stance is still somewhat restrictive, but we have moved it closer to its neutral level that neither restricts nor stimulates the economy," Jefferson said.

The Fed cut its benchmark lending rate by 25 basis points last week and reiterated concerns regarding the labor market.

West Texas Intermediate crude oil was up 0.8% at $59.90 a barrel in Friday late-afternoon trade. "Oil prices inched higher, but remained headed for a second weekly loss on persistent supply and demand concerns," D.A. Davidson said in the note.

Gold was up 0.5% at $4,010.20 per troy ounce, while silver rose 0.6% to $48.26 per ounce.