Wall Street Falls on Tech Valuation Worries

Wall Street stocks declined in morning trading Friday, with major indexes on pace for their first weekly loss in four weeks amid persistent concerns over high valuations in technology shares. The downturn was led by influential tech companies, pulling broader benchmarks lower despite more advancing stocks than decliners overall.

As of 9:51 a.m. Eastern time, the Dow Jones Industrial Average had fallen 143 points, or 0.3 percent, to around 42,630. The S&P 500 slipped 0.7 percent, while the tech-focused Nasdaq Composite dropped 1.2 percent. Nvidia shares tumbled 2.5 percent, and Broadcom fell 2.1 percent, contributing significantly to the market's slide given their substantial market weights. Other notable tech movers included Tesla, which dipped after shareholders approved a massive compensation package for Chief Executive Elon Musk on Thursday, potentially worth up to $1 trillion if performance targets are met over the next decade.

Investors continued to digest a wave of corporate earnings reports, which highlighted mixed results across sectors. Payments processor Block, known for its Square and Cash App services, plunged 10.9 percent after third-quarter earnings and revenue...