Stocks Opened Lower, Eyed on Chipmakers, Chewy IPO

U.S. stocks opened lower on Friday, as tech shares were under pressure following lower guidance by tech conglomerate Broadcom Inc. The Dow Jones Industrial Average lately fell 101.89 points, or 0.39%, to 26,004.88. The S&P 500 declined 11.66 points, or 0.40%, to 2,879.98. The Nasdaq Composite shed 50.63 points, or 0.65%, to 7,786.50.

Oil prices slipped Friday after the International Energy Agency cut its global oil demand growth forecast, taking some attention away from fresh tensions in the Middle East sparked by an attack on two tankers in the Strait of Hormuz. West Texas Intermediate crude for July deliveryfell 37 cents, or 0.7%, to $51.90 a barrel. August Brent crude eased 7 cents, or 0.1%, to $61.24 a barrel.

U.S. retail sales increased 0.5% in May, with broad-based gains, the Commerce Department said Friday. Economists polled by MarketWatch had forecast a solid 0.7% gain.

Broadcom (AVGO) lowered its guidance for the rest of the year while reporting second-quarter earnings Thursday afternoon. The company said that it expects revenue for its semiconductor-solutions business to fall about 10% for the full year amid export bans on large customer Huawei and ongoing trade tensions.

Chewy (CHWY) announced Thursday that it planned to sell at least 46.5 million shares at $22 apiece, which would bring in more than $1 billion at an initial valuation approaching $9 billion.