12:52 PM EST, 12/27/2024 (MT Newswires) -- US benchmark stock indexes traded lower around midday on Friday, with the tech-heavy Nasdaq leading the losses as the biggest names in the sector fell.

The Nasdaq fell 2.2% to 19,589.5, with electric vehicle maker Tesla (TSLA) retreating 4.5% and chipmaker Nvidia ( NVDA ) slipping 3%, making them among the biggest decliners on the exchange. The S&P 500 slid 1.7% to 5,937.1 and the Dow Jones Industrial Average lost 1.2% to 42,799.7.

All sectors were in the red intraday, with consumer discretionary and communication services among the biggest decliners apart from technology.

In economic news, data released by the US Census Bureau showed that the US advance international trade in goods deficit widened to $102.86 billion in November from $98.26 billion in October, a bigger gap than the $101.2 billion deficit expected in a survey compiled by Bloomberg. Exports rose by 4.4% in October while imports increased by 4.5%.

In the same report, wholesale inventories fell by 0.2% in November after a 0.1% increase in October. Analysts polled by Bloomberg expected a 0.1% increase.

Retail inventories were up 0.3% in November, as expected, and followed a 0.2% increase in the previous month. Excluding a 0.4% drop in motor vehicle inventories, retail inventories rose by 0.6% in the month.

In its market and economic outlook for 2025, D.A. Davidson said it doesn't see weak economic conditions forming as the new year starts, paving the way for equities to post gains.

"But we should expect volatility and recognize that equity market corrections are common," D.A. Davidson said. "We continue to recommend broad sector diversification and frequent portfolio rebalancing."

In company news, Microsoft ( MSFT )-backed (MSFT) OpenAI is looking at reorganizing itself to become a Delaware public benefit corporation to raise conventional capital while maintaining a nonprofit arm, according to an OpenAI blogpost Thursday. Microsoft ( MSFT ) did not immediately reply to MT Newswires' request for comment. Microsoft ( MSFT ) shares were down 2.6% in recent Friday trading.

A filing showed Friday that UnitedHealth Group ( UNH ) and Amedisys ( AMED ) extended the deadline for closing their $3.3 billion merger agreement as the US Department of Justice scrutinizes the deal. Amedisys' ( AMED ) shares were up 4.7% and UnitedHealth ( UNH ) shares were down 0.5% intraday.

The US 10-year Treasury yield rose 2.6 basis points to 4.61%. The two-year rate fell 1.8 basis points to 4.31%.

The US Dollar Index was little changed at 108.11.

West Texas Intermediate crude rose 0.8% to $70.14 per barrel.

Gold slipped 0.9% to $2,630.70 an ounce. Silver fell 1.5% to $29.93 per ounce.