S&P 500 Closes 0.75% Lower at 7,444.66 as Yields Surge

The S&P 500 closed Friday at 7,444.66, down 0.75%, retreating from Thursday's record high above 7,500. Futures plunged over 1% at the open after U.S.-China talks skipped chips, with the Nasdaq dropping 1.39% and Nvidia tumbling 3.18% on China's review of approved chip sales. Surging Treasury yields, hitting 4.6% on the 10-year note amid strong economic data and higher oil prices, pressured growth stocks throughout the session despite Microsoft's 3.6% gain.