U.S. markets closed lower on Friday as lingering concerns about the artificial intelligence trade contributed to the weakness on Wall Street along with a continued increase in the price of crude oil. Traders seemed reluctant to make more significant moves ahead of several key events next week, including the Federal Reserve's latest monetary policy meeting. The Fed is scheduled to announce its latest monetary policy decision next Wednesday, with the central bank widely expected to leave rates unchanged. On the economic front, the University of Michigan released a report showing consumer sentiment in the U.S. deteriorated by far less than previously estimated in the month of October. The report said the University of Michigan's consumer sentiment index for October was upwardly revised to 48.0 from a preliminary reading of 46.3. While the index is still down slightly from September's 48.1, the street had expected the preliminary reading to be unrevised.
Nasdaq decreased by 53.51 points or 0.21 percent to 25,955.34, S&P 500 fell by 39.75 points or 0.52 percent to 7,623.68 and Dow Jones Industrial Average slipped by 652.82 points or 1.23 percent to 52,215.16.