04:54 PM EST, 11/07/2025 (MT Newswires) -- US benchmark equity indexes closed mixed on Friday after trading sharply lower earlier in the session.

The Nasdaq Composite closed 0.2% lower at 23,004.54, after trading down more than 1.5% earlier in the session. The S&P 500 rose 0.1% to 6,728.80, turning the corner, and the Dow Jones Industrial Average climbed 0.2% to 46,987.10, recovering all its declines.

Technology and communication services were the only decliners, while energy and utilities led the gainers.

The University of Michigan's preliminary consumer sentiment index fell to 50.3 in November from 53.6 in October, below the 53.0 forecast in a survey compiled by Bloomberg. The Michigan poll pegged one-year inflation expectations at 4.7%, up from 4.6% in October, while their five-year outlook eased to 3.6% from 3.9%.

The long-run inflation measure is uncomfortably high, but it is still substantially lower than the 4.4% seen in April, a Jefferies analyst noted.

Meanwhile, the White House reportedly decided to block Nvidia ( NVDA ) from selling its newest scaled-back artificial intelligence chips to China, according to media reports. Nvidia ( NVDA ) is not in "active discussions" to sell Blackwell AI chips to China and has no plans to ship to them, Reuters reported Friday, citing remarks from CEO Jensen Huang.

Microchip Technology ( MCHP ) reported a year-over-year fall in fiscal Q2 adjusted earnings and sales late Thursday.

Block's (XYZ) Q3 earnings and margin miss due to higher general and administrative expenses caused frustration for investors, a Friday note from Morgan Stanley said.