US Stocks Fall as Chip Selloff Deepens
US stock indices closed lower on Friday as the selloff in chipmakers extended into an eighth consecutive session, marking the sector’s longest losing streak since the 2008 financial crisis. The S&P 500 fell 1.1%, the Dow shed 175 points, and the Nasdaq dropped 2.5%. CoreWeave plunged 11.9%, extending its weekly losses to 23.7% and highlighting renewed credit concerns surrounding AI infrastructure companies. The sector has come under pressure following relatively modest revenue figures from Anthropic and growing concerns about higher interest rates for heavily indebted companies. Economic data released this week showed accelerating consumer inflation and surging producer prices, both at the headline and core levels. Nvidia lost 1.4%, Micron fell 5.6%, and AMD dropped 5.9%. Meanwhile, Tesla declined 2.1% and SpaceX fell 1.7% amid speculation about a potential merger between the ompanies. On the week, the S&P 500 shed 2%, the Nasdaq lost 5% and the Dow added 156 points.
US stock indices closed lower on Friday as the selloff in chipmakers extended into an eighth consecutive session, marking the sector’s longest losing streak since the 2008 financial crisis. The S&P 500 fell 1.1%, the Dow shed 175 points, and the Nasdaq dropped 2.5%. CoreWeave plunged 11.9%, extending its weekly losses to 23.7% and highlighting renewed credit concerns surrounding AI infrastructure companies. The sector has come under pressure following relatively modest revenue figures from Anthropic and growing concerns about higher interest rates for heavily indebted companies.
Economic data released this week showed accelerating consumer inflation and surging producer prices, both at the headline and core levels. Nvidia lost 1.4%, Micron fell 5.6%, and AMD dropped 5.9%. Meanwhile, Tesla declined 2.1% and SpaceX fell 1.7% amid speculation about a potential merger between the ompanies. On the week, the S&P 500 shed 2%, the Nasdaq lost 5% and the Dow added 156 points.