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Stocks Stalls As Chip Sector Struggles To Rebound; Dollar Eyes 7-Week Peak, Gold, Bitcoin Retreat: What's Driving Markets Friday?

Wall Street is experiencing a subdued and low volatility trading day Friday, despite the session coinciding with the “triple witching” day, with over $5.1 trillion of notional options exposure expiring, surpassing the previous record set in December 2023. Chipmakers continue to struggle in the aftermath of Thursday’s sell-off, suggesting that while the wave of profit-taking is easing, there is little sign of new buyers stepping in at these levels. Nvidia Corp. is down 1.6%, poised to break an eight-week winning streak. The sector benchmark, the iShares Semiconductor ETF (NYSE:SOXX), is witnessing its worst two-day performance since May 1. The major indices and sectors remained flat, while biotech stocks showed the strongest performance among industries, with the iShares Biotechnology ETF (NASDAQ: