The 47th fleet of the Chinese People's Liberation Army (PLA) Navy recently wrapped up an escort mission for a civilian cargo ship.
The civilian cargo ship, Zhenhua 35, carried 26 Chinese crew members on board. It marked the 1661st mission of the fleet since it began undertaking escort missions in the Gulf of Aden and the waters off Somalia since late December last year.
The 47th navy fleet comprises a guided-missile destroyer, a missile frigate and a supply vessel. It carries over 700 officers and soldiers, with two helicopters and more than 10 special force members on board.
China’s 47th naval escort taskforce completes new escort mission
U.S. stocks finished lower on Friday, with technology shares extending sharp declines amid renewed investor concerns over potential over-investment in artificial intelligence (AI).
The Dow Jones Industrial Average dropped 245.96 points, or 0.51 percent, to 48,458.05. The Standard and Poor's 500 sank 73.59 points, or 1.07 percent, to 6,827.41, while the Nasdaq Composite Index tumbled 398.69 points, or 1.69 percent, to 23,195.17.
Six of the 11 primary Standard and Poor's 500 sectors ended in red, with technology and energy leading the declines at 2.87 percent and 0.93 percent, respectively. Consumer staples and health care were the best performers, rising 0.93 percent and 0.3 percent, respectively.
U.S. chipmaker Broadcom plunged 11.43 percent despite reporting better-than-expected fiscal fourth-quarter earnings late Thursday, as investors focused on the semiconductor giant's elevated capital spending plans and questioned the near-term profitability of AI-related investments. Nvidia, AMD, Palantir Technologies, and Micron Technology also posted losses on Friday.
Meanwhile, the fashion brand Lululemon provided one bright spot, surging 9.6 percent after announcing that its CEO Calvin McDonald will step down at the end of January 2026.
The U.S. 10-year Treasury yield rose to nearly 4.2 percent from 4.15 percent at Thursday's close, adding modest pressure on growth-sensitive equities.
Despite the weekly weakness in large-cap technology, small-cap stocks continued to outperform following the Fed's latest rate cut, with the Russell 2000 index gaining nearly 2 percent for the week and posting multiple record highs.
U.S. stocks sink as AI concerns weigh on tech sector
