The sell-off for AI winners deepened and yanked stock markets lower worldwide.
The S&P 500 fell 1% Friday, closing out its first losing week in the last three and only its third since March. The Dow Jones Industrial Average dropped 0.8%, and the Nasdaq composite sank 1.4%.
Nvidia was the heaviest weight on the market as stocks of chip companies dropped. The worries about whether AI stocks have shot too high dragged down indexes in Asia even more sharply.
Brent crude oil jumped another 4.6% on worries about the war with Iran.
Treasury yields eased in the bond market.
On Friday:
The S&P 500 fell 76.08 points, or 1%, to 7,475.69.
The Dow Jones Industrial Average fell 406.55 points, or 0.8%, to 52,146.42
The Nasdaq composite fell 361.70 points, or 1.4%, to 25,520.24.
The Russell 2000 index of smaller companies fell 12.35 points, or 0.4%, to 2,962.22.
For the week:
The S&P 500 is down 117.70 points, or 1.6%.
The Dow is down 490.59 points, or 0.9%.
The Nasdaq is down 761.36 points, or 2.9%.
The Russell 2000 is down 15.59 points, or 0.5%.
For the year:
The S&P 500 is up 612.19 points, or 8.9%.
The Dow is up 4,083.13 points, or 8.5%.
The Nasdaq is up 2,278.25 points, or 9.8%.
The Russell 2000 is up 480.31 points, or 19.4%.
