On Friday, US equities finished in mixed territory as investors kept weighing the Federal Reserve's first rate hike in three years alongside fresh concerns tied to artificial intelligence. The Dow and S&P 500 posted weekly losses, while the Nasdaq managed a modest gain. The 10-year Treasury yield hovered near the 5% mark, and crude futures pulled back beneath the $100 threshold.

The Dow slipped 95.39 points, or 0.18%, to close at 51,682.64, ending the week down 1.69%. The S&P 500 advanced 12.74 points, or 0.17%, to 7,650.50, with a weekly decline of 0.08%. The Nasdaq rose 104.24 points, or 0.39%, to 26,522.54, finishing the week 0.72% higher.

Mega-cap tech names were split. Nvidia and Amazon each rose more than 1%, while Google posted a slight gain. Meta dropped more than 2%, and Apple, Microsoft, and Tesla edged lower. The Philadelphia Semiconductor Index staged a late-session rally, closing up 2.78%. SanDisk jumped about 11%, Coherent advanced over 7%, Seagate Technology gained more than 6%, and Western Digital rose over 4%. Micron Technology added more than 3%, while AMD and SK Hynix each climbed over 2%.

Crypto-related equities saw sharp gains, with Strategy surging over 16%, MARA Holdings up more than 13%, Coinbase rising over 11%, and Robinhood advancing more than 9%. Bitmine and Cipher each gained over 8%, while Circle rose more than 7%.

Rising Treasury yields kept pressure on equities. The 10-year yield breached the 5% level earlier this week, reaching its highest point since July 2007. After pulling back on Thursday, it briefly reclaimed that threshold on Friday, climbing nearly 6 basis points to 5.006%.

US crude ended the week roughly flat, holding above $100 a barrel. On Friday, West Texas Intermediate futures dropped 1.58% to settle at $100.30 per barrel. Global benchmark Brent crude slipped 0.91% to close at $103.87.

The Fed's decision on Wednesday to raise rates by 25 basis points, along with its signal for at least one more hike this year, pushed major market averages lower that day. However, a Thursday rebound, particularly in tech, signaled that investors were keen to look past the prospect of prolonged higher rates and instead embrace the AI narrative as a continued support for corporate earnings.

"Following this week's Fed rate hike, some of the uncertainty has been cleared," said Scott Welch, Chief Investment Officer at Certuity. Yet Welch does not view the latest move as a one-off. In fact, he believes the tightening cycle has only just begun and could weigh on equity performance in the months ahead.

"At some point, whether it's October or after the election, I think the Fed will raise rates at least once more in 2026, with possibly one or two additional hikes in 2027," he said. Given this outlook, Welch anticipates ongoing upward pressure on Treasury yields and expects oil prices to remain elevated in the near term.

Meanwhile, chip stocks have largely rebounded from the early-week selloff triggered by calls from Anthropic and OpenAI for a slowdown in AI development. The Philadelphia Semiconductor Index finished the week slightly higher.