SoftBank’s chip designer Arm ends down, day after $65 bln Nasdaq debut

Shares of SoftBank’s Arm Holdings closed a volatile session lower on Friday, a day after a stellar Nasdaq debut that valued the British chip designer at $65 billion.

The stock fell 4.5% to end at $60.75, after trading as high as $69 earlier in the session. Major U.S. stock indexes declined Friday as chipmakers dropped amid weak consumer demand concerns. The Nasdaq was down 1.6% and the S&P 500 fell 1.2%, while an index of semiconductors sank 3%.