Closing Bell: Rite Aid-Walgreens Merger in Trouble; Dow at Records, Nasdaq Slumps

A record close for the Nasdaq was looking likely until a swift selloff in tech dragged the index from its heights. The Dow Jones Industrial Average remained resilient, though, holding onto modest gains to close at a record. Advanced Micro Devices, Inc.  (AMD) - Get Report was among the worst performers in the tech space, retreating after a days-long rally. The chipmaker had seen a boost in demand for its graphic processing chips on higher cryptocurrency use. Rite Aid Corporation  (RAD) - Get Report tumbled on reports the Federal Trade Commission is preparing to block its proposed merger with Walgreens Boots Alliance Inc. (WBA) - Get Report . Fred's, Inc. (FRED) was also lower -- the retailer was to purchase a number of Rite Aid stores to ease antitrust concerns. Banking stocks performed well on Friday on anticipation for a rate hike next week. A June rate hike is all but a given - markets have priced in a very confident 99% chance of a 25-basis-point increase.