The S&P 500 fell 0.52% to 7,623.68 on Friday, extending its decline to a second consecutive session after Thursday’s sharp technology selloff. Rising oil prices and inflation concerns kept pressure on equities, capping a volatile week for the AI trade. 

December S&P 500 futures traded as high as 7,712.00 and as low as 7,649.00. The session concluded below the day’s midpoint of 7,680.50 at 7,670.25, losing 35.75 handles from Thursday’s close. 

Oil prices remained a key concern, with Brent crude climbing above $116 a barrel, its highest level since June 2022, while the 10-year Treasury yield approached 5%. Investors weighed the risk that higher energy prices could keep inflation elevated and complicate the Federal Reserve’s interest-rate outlook. 

Economic data showed U.S. business activity continued to expand in October, although the S&P Global Composite PMI eased to 57.6 from 58.4 in September. Strong demand and rising price pressures remained in focus, while American Express Co. (NYSE: AXP) reported better-than-expected adjusted earnings but missed revenue estimates. 

On Monday, market participants can look forward to the Chicago Fed National Activity Index for September at 8:30 a.m. ET and the Dallas Fed Manufacturing Index at 10:30 a.m. ET. Investors will also prepare for next week’s Federal Reserve decision and earnings from major technology companies, including Microsoft and Alphabet. 

Among the top components of the index, Microsoft Corp. (NASDAQ: MSFT) emerged as the biggest gainer. The tech giant advanced by $3.43, or 0.66%, to close at $524.51. That performance was more than 1 percentage point better than the cash index’s decline of 0.52%.

Conversely, the biggest loser was Alphabet Inc. Class A (NASDAQ: GOOGL). For the day, the tech giant declined by $4.01, or 1.24%, to close at $320.21.