Most of Wall Street rises, but sinking AI stocks keep it on track for a losing week

NEW YORK (AP) — Most of the U.S. stock market is rising Friday after oil prices fell back to where they were before the war with Iran, but drops for AI stocks are keeping the market in check.

The S&P 500 was virtually unchanged after recovering from an early loss of 0.9%. The index at the heart of many 401(k) accounts is still on track for its second losing week in the last 13, largely because of drops for stocks swept up in the mania around artificial-intelligence technology.

The Dow Jones Industrial Average was up 39 points, or 0.1%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was down 0.2%.

Stocks got a boost as the price of Brent crude oil, the international standard, dropped 3.9% to $72.53. That's basically where it was the day before the United States and Israel attacked Iran, which eventually led to the closure of the Strait of Hormuz and the curtailment of oil shipments worldwide.

The easier oil prices helped stocks of companies with big fuel bills, and United Airlines climbed 1.7%.

Health care stocks, meanwhile, were some of the strongest forces pushing upward on the market after a committee of the European Medicines Agency recommended several medicines for approval and the extension for another dozen of their therapeutic indications. That included one for Eli Lilly, whose stock jumped 6.3%.

Besides Lilly, roughly two out of every three stocks within the S&P 500 were rising. But more drops for AI stocks were overshadowing them.

After soaring to tremendous heights and leading the market for years, AI stocks been under pressure recently because of worries their profits can’t possibly keep pace with the tremendous rallies for their stock prices. And those drops have an outsized effect because AI stocks have grown into Wall Street’s largest and most influential, giving movements for their stock prices more weight on indexes than others.

Micron Technology's drop of 4.1% was one of the heaviest weights on the market, for example. The maker of memory for computers has been a big winner this year, with its stock roughly quadrupling, because the AI boom has created a surge of demand for its products.

But investors saw the downside of that surge Thursday, when Apple said it had to raise prices on many of its products by significant percentages to make up for the increases in memory prices. The worry is that such higher prices could ultimately lead to lower demand.

Highlighting the roller-coaster ride that AI stocks have been on, SpaceX dipped 0.8% below $152 and toward the lowest level since its ballyhooed debut on Wall Street earlier this month.

After initially selling its stock at $135 apiece, SpaceX's stock price briefly soared above $225 within its first few days of trading. Besides rockets, Elon Musk's company also owns the xAI artificial-intelligence business.

The day's largest loss in the S&P 500 was a 21.1% drop for Onsemi, which said it agreed to buy Synaptics in an all-stock deal valued at roughly $7 billion.

In the bond market, Treasury yields eased with oil prices. The yield on the 10-year Treasury fell to 4.37% from 4.40% late Thursday.

High yields in bond markets worldwide caused by worries about inflation have been threatening to slow economies, and they have already sent rates higher for mortgages and other kinds of loans. High yields also hurt prices for investments, particularly those seen as the most expensive. That raises the pressure on AI winners.

Asian stock markets began Friday with sharp drops because of losses for AI winners.

In Japan, a 12.5% plunge for Softbank Group Corp helped pull the Nikkei 225 down by 4.2%. The company is a major investor in OpenAI, the maker of AI chatbot ChatGPT, and a report in The New York Times suggested OpenAI is considering delaying an initial public offering of its stock to next year from the second half of this year.

Such an IPO would give OpenAI the chance to raise more cash to spend on data centers, as well as the opportunity for early investors like Softbank to cash out some of their holdings. But the recent stumbles for SpaceX’s stock and for AI stocks broadly may be a signal of less appetite for big AI stocks among investors.

In South Korea, SK Hynix fell 8.4%, and Samsung Electronics sank 5.3%. That helped pull the Kospi 5.8% lower and trim its gain for the year so far to 99.6%.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Trader Edward Curran works on the floor of the New York Stock Exchange, Friday, June 26, 2026. (AP Photo/Richard Drew)

Traders Robert Charmak, left, and Mark Puetzer work on the floor of the New York Stock Exchange, Thursday, June 25, 2026. (AP Photo/Richard Drew)

Specialist Michael Gagliano works at his post on the floor of the New York Stock Exchange, Thursday, June 25, 2026. (AP Photo/Richard Drew)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 26, 2026. (AP Photo/Ahn Young-joon)

LONDON (AP) — Serena Williams will face an opponent less than half her age when she plays 20-year-old Maya Joint in the first round at Wimbledon for her first singles match in nearly four years.

The seven-time Wimbledon singles champion, who is 44, accepted a wild-card entry to the grass-court Grand Slam, where she’ll also compete in doubles with her older sister Venus, who turned 46 last week.

It's all part of a tennis comeback that started with two doubles warmup matches but kicked into high gear Sunday when the All England Club announced Serena would play singles. Brackets were set in Friday's draw.

Joint was born in Michigan — as was Williams — but represents Australia through her father. She is ranked No. 53 and made her Wimbledon debut last year, losing in the first round to Liudmila Samsonova 6-3, 6-2.

Joint won the grass-court Eastbourne Open last year for one of her two WTA tour-level singles titles.

Williams hasn't played a singles match since a third-round loss to Ajla Tomljanovic at the 2022 U.S. Open. At the time, she said she didn’t want to use the word “retiring” and instead declared she was “evolving” away from tennis. Her second daughter was born in 2023.

Tomljanovic said she hopes Joint “enjoys the moment."

“Especially after (Serena) officially retired four years ago, no one thought that they’d get another chance to play her,” Tomljanovic, an Australian, said Friday at Wimbledon.

Williams is “here to win," Tomljanovic added.

“You never lose that champion mentality. Her coming into the draw means that she thinks she can win,” she said.

Williams' most-recent appearance at Wimbledon was in 2022 when she lost in the opening round to then-115th-ranked Harmony Tan.

If Williams beats Joint on Tuesday, she may face rising Filipino star Alexandra Eala, who is seeded 29th, in the second round. She could meet defending champion Iga Swiatek in the third round.

Swiatek opens against Taylor Townsend of the U.S. on Centre Court on Tuesday.

In a projected quarterfinals by seedings, No. 1 Aryna Sabalenka would meet French Open champion Mirra Andreeva; No. 2 Elena Rybakina, the 2022 champion, would face 2025 runner-up Amanda Anisimova; Swiatek, the No. 3 seed, would play Elina Svitolina; and No. 4 Jessica Pegula would meet Coco Gauff.

On the men's side, No. 1 Jannik Sinner will begin his Wimbledon title defense against Miomir Kecmanovic on Centre Court on Monday.

Sinner and Novak Djokovic, the No. 7 seed, are in the same half of the draw and could meet in the semifinals.

Sinner underwent checks following his French Open meltdown — losing in the second round amid a heat wave in Paris — and said he felt physically good after an exhibition match this week in London, which also experienced high temperatures.

Djokovic, a seven-time champion at the All England Club, will play Wu Yibing of China. Djokovic could meet third-seeded Felix Auger-Aliassime in the quarterfinals.

Two-time champion Carlos Alcaraz, who lost to Sinner in the 2025 final, will miss this year’s tournament because of a wrist injury.

Wimbledon starts on Monday.

The Williams sisters are wild-card entries in the women's doubles and will play their first-round match against Colombia's Camila Osorio and Solana Sierra of Argentina.

Serena and Venus have won 14 Grand Slam titles together in doubles, including six at Wimbledon — the first in 2000 and the last in 2016. Their first two doubles titles at the All England Club, in 2000 and 2002, came as wild cards.

AP tennis: https://apnews.com/hub/tennis

FILE - Maya Joint of Australia hits a forehand to Iga Swiatek of Poland during their quarterfinal match at the United Cup tennis tournament in Sydney, Friday, Jan. 9, 2026. (AP Photo/Rick Rycroft, File)

Novak Djokovic or Serbia attends a practice session ahead of the Wimbledon Tennis Championships, in London, Wednesday, June 24, 2026. (AP Photo/Kin Cheung)

Jannik Sinner of Italy smiles during a training session at the All England Lawn Tennis and Croquet Club, ahead of the Wimbledon Championships in London, Thursday, June 25, 2026. (AP Photo/Kirsty Wigglesworth)

Serena Williams of the United States holds a ball during a practice session ahead of the Wimbledon Tennis Championships, in London, Wednesday, June 24, 2026. (AP Photo/Kin Cheung)

Serena Williams of the United States arrives at a training session at the All England Lawn Tennis and Croquet Club, ahead of the Wimbledon Championships in London, Thursday, June 25, 2026. (AP Photo/Kirsty Wigglesworth)

Serena Williams of the United States smiles after a training session at the All England Lawn Tennis and Croquet Club, ahead of the Wimbledon Championships in London, Thursday, June 25, 2026. (AP Photo/Kirsty Wigglesworth)