Tech stocks lead decline in U.S. markets

U.S. stock indexes veered mostly lower in afternoon trading Friday, weighed down by a steep decline in technology companies.

Energy stocks were up the most as the price of crude oil rose.

Banks and materials companies also rose.

Investors bid up small-company stocks as the dollar strengthened versus several major currencies.

KEEPING SCORE: The Standard & Poor's 500 index fell 1 point, or 0.1 percent, to 2,432 as of 12:06 p.m. Mountain time. The Dow Jones industrial average rose 69 points, or 0.3 percent, to 21,252. The Nasdaq composite index declined 89 points, or 1.4 percent, to 6,232. The Russell 2000 index of small-company stocks picked up 10 points, or 0.7 percent, to 1,426.

THE QUOTE: "We're seeing investors rotate out of the international stocks and into the U.S. stocks in general," said Sam Stovall, chief investment strategist at CFRA Equity Research. "And also a rotation out of technology and into energy, materials and financials."

TECH SLUMP: Technology stocks were down sharply, led by chipmaker Nvidia, which sank $12.36, or 7.7 percent, to $147.59. Advanced Micro Devices slid 81 cents, or 6.3 percent, to $12.09. Micron Technology lost $1.89, or 5.8 percent, to $30.56.

CHARGED UP: Several energy sector stocks climbed as the price of crude oil inched higher. Chesapeake Energy gained 25 cents, or 5.4 percent, to $5, while Helmerich & Payne added $2.23, or 4.4 percent, to $52.63. Rig operator Transocean picked up 29 cents, or 3.4 percent, to $8.71.

STREAM THIS: Pandora Media rose on news that SiriusXM will invest $480 million in cash in the online radio company. SiriusXM, which is buying preferred stock and taking a 19 percent stake in Pandora, will also select three people to be named to Pandora's board. Pandora is breaking off a deal with investment firm KKR from last month. Pandora added 8 cents to $8.50. SiriusXM slid 16 cents, or 3 percent, to $5.24.

BIG DATA: Traders bid up shares in DuPont Fabros Technology after the data real estate investment trust and owner of wholesale data centers was acquired by another REIT, Digital Realty Trust. The deal is an all-stock transaction valued at about $7.6 billion. DuPont Fabros Technology shares jumped $5.15, or 9.3 percent, to $60.49. Digital Realty slipped $4.35, or 3.7 percent, to $112.41.

PAINFUL MOVE: Endo International slumped 13.8 percent a day after the Food and Drug Administration asked the drugmaker to take its extended-release pain drug Opana ER off the market because of the risk of abuse from patients injecting it. The stock slid $1.90 to $11.88.

TOUGH CALL: VeriFone Systems shed 5.9 percent after the maker of terminals for electronic payments cut its forecasts and said it will sell or restructure several businesses. The stock lost $1.08 to $17.24.

LACKLUSTER OUTLOOK: HNI slumped 11.1 percent after the maker of office furniture and fireplaces cut its forecasts because of slower sales and falling wholesale revenue. The stock slid $4.96 to $39.95.

ENERGY: Benchmark U.S. crude was up 22 cents to $45.86 a barrel in New York. Brent crude, used to price international oils, was up 35 cents at $48.21 a barrel in London.

METALS: Gold fell $8.10 to $1,271.40 per ounce. Silver lost 19 cents, or 1.1 percent, to $17.22 per ounce. Copper gained 4 cents, or 1.5 percent, to $2.65 per pound.

TREASURY YIELDS: Bond prices fell. The 10-year Treasury yield held rose to 2.21 percent from 2.19 percent late Thursday.

CURRENCIES: The pound lost more than 2 cents versus the dollar after the Conservatives lost their majority in Parliament, which could send Britain's negotiations to leave the European Union, due to start June 19, into disarray. The pound weakened to $1.2725 from $1.2943. The dollar strengthened to 110.40 yen from 109.94 yen late Thursday. The euro weakened to $1.1197 from $1.1222.

OVERSEAS: Germany's DAX rose 0.8 percent, while France's CAC 40 gained 0.7 percent. Britain's FTSE 100 added 1 percent. Japan's Nikkei 225 added 0.5 percent, while South Korea's Kospi rose 0.8 percent. Hong Kong's Hang Seng slipped 0.1 percent.