Stock market today: Dow, S&P 500, Nasdaq slide as report of OpenAI IPO delay rattles techs

Tech led a retreat in US stocks on Friday, as a report of a potential delay to OpenAI's (OPAI.PVT) IPO added to the headwinds that have whipsawed markets this week. The tech-heavy Nasdaq Composite (^IXIC) tumbled 1.1%, while the S&P 500 (^GSPC) moved down 0.6% after both indexes closed lower Thursday for the fourth straight time this week. The Dow Jones Industrial Average (^DJI), which includes fewer tech names, declined 0.3%. Concerns are growing that the skyrocketing cost of memory and storage components could hit device makers, after Apple (AAPL) raised prices of its MacBooks and iPads. Memory chipmaker Micron's (MU) stellar earnings showed the squeeze is set to continue. At the same time, a New York Times report that OpenAI is considering pushing back its mega-IPO until 2027 is also dragging on the appetite for tech. The AI trade was already under pressure as bets grow on a Federal Reserve interest-rate hike this year. A hot May reading of the Fed's preferred inflation gauge, the Personal Consumption Expenditures index, kept that prospect alive.