The S&P 500 Index erased much of its earlier gains to trade little changed on Friday as Nvidia Corp. and several other megacap stocks fell on revived concern about stretched valuations and the risk of an AI bubble.
The US equities benchmark wavered between gains and losses, and was up about 0.4% as of 11:26 a.m. in New York, while the tech-heavy Nasdaq 100 was little changed. The S&P 500 has shed about 4% this month through Thursday’s close amid worries around AI valuations, after it set a record high in late October.