US stocks post biggest weekly losses since June as tech selloff deepens

economictimes.indiatimes.com —

US stocks fell sharply on Friday, with the S&P 500 and Nasdaq posting their biggest weekly losses since June, driven by a selloff in technology and chip stocks amid concerns over the AI boom's longevity. The S&P 500 dropped 84.62 points to 7,659.44, the Dow Jones fell 175.28 points to 52,002.41, and the Nasdaq declined 572.99 points to 26,140.03. Chipmakers led declines, with Micron down 5.6%, AMD off 6%, and Intel losing 5.8%. Traders now see a 74.3% chance of a Fed rate hike in December, up from 50.2% a month ago. Energy stocks bucked the trend, with Exxon and Chevron rising over 2.5% as Brent crude jumped 3.7% to $109.86 per barrel amid the Iran war. Netflix fell 2.9% after announcing a leadership change and layoffs, while Tesla dropped 2.1% following its new Roadster unveiling.


With a significance score of 2.7, this news ranks in the top 15% of today's 31960 analyzed articles.

Get summaries of news with significance over 5.5 (usually ~10 stories per week). Read by 10,000+ subscribers: