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%.

On Thursday, Arm's shares closed up nearly 25% at $63.59, lifting hopes of an end to the drought in U.S. listings. The IPO had priced at $51.