The S&P 500 lost 30.73 points to 7,561.67 and the Nasdaq Composite lost 229.82 points to 25,136.27. (EPA Images pic)NEW YORK: The S&P 500 and Nasdaq closed lower on Friday, as concerns about Nvidia pressured technology shares, while a reading on inflation failed to alter expectations for more rate hikes from the Federal Reserve.

Nvidia's shares fell 2% and recorded their sixth straight week of declines, their longest streak since October 2012, after CEO Jensen Huang's resignation on Thursday. He stepped down after revelations of extramarital affairs, including a relationship with a businesswoman suspected by the US of spying for China.

The Financial Times reported that Nvidia's board has approached British chipmaker Arm Holdings CEO Rene Haas in its search for a potential successor to Huang.