Nasdaq Suffers Worst Week Since June as AI Sell-Off Hits Chip Stocks

TLDR The Nasdaq fell 2.14% Friday to 26,140.03, its worst week since June. Chip stocks dropped, with the VanEck Semiconductor ETF down 10% on the week. CoreWeave fell nearly 12% Friday and is down 25% this week. Oil rose above $100 as U.S.-Iran and Russia-Ukraine tensions grew. Traders see an 82% chance the Fed holds rates at its Oct. 27-28 meeting. US stocks fell on Friday as investors sold technology and artificial intelligence shares. Oil prices also rose, adding pressure to the market. The Nasdaq Composite lost 2.14% to close at 26,140.03. It was the index’s worst week since June and ended a four-week winning streak. The S&P 500 fell 1.09% to 7,659.44. The Dow Jones Industrial Average dropped 175.28 points, or 0.34%, to 52,002.41.

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