Closing Snapshot
- S&P 500 (SPX): 7,659.44, -84.62 (-1.09%), down about 2% for the week
- Nasdaq 100 (NDX): ~29,200, ~-2.5%, its worst week since June
- Dow Jones (DJIA): 52,002.41, -175.28 (-0.34%), still up 0.7% for the week
- Russell 2000 (RUT): 2,721.37, -45.90 (-1.66%)
- VIX: 19.99, +3.53 (+21.4%), the market's "fear gauge" jumping after touching 22.31 intraday
- 10-year Treasury yield: 5.10%, roughly unchanged, about 14 basis points (hundredths of a percentage point) lower for the week
- WTI crude: $101.41, +$3.44 (+3.5%), back above $100 for the first time in a month
- Brent crude: $109.86, +$3.94 (+3.7%), its highest settlement since May
- Gold: ~$4,181, ~+0.3%
- US Dollar Index (DXY): ~101.7, ~-0.2%
Technology stocks sold off for a second straight day on Friday, and the Nasdaq Composite fell 2.1% to finish its worst week since June. The selling centered on the companies most tied to the AI build-out: all 30 stocks in the Philadelphia Semiconductor Index fell, with AMD, Intel and Micron down about 6% each, and software makers from Twilio to Palantir also slid. Investors are questioning how long the debt-funded spending on AI data centers can last with 10-year Treasury yields above 5%. Oil climbed in the other direction, as Brent rose 3.7% to nearly $110 on renewed Ukrainian strikes on Russian refineries and shipping risks in the Strait of Hormuz, and energy was the day's best sector. The S&P 500 fell 1.1% and the Dow just 0.3%, while the VIX jumped 21%.