Risk-off sentiment dominated Wall Street on Friday, with selling pressure in AI-linked names intensifying and pushing technology stocks toward their worst week since April.
By midday in New York, the Nasdaq 100 slumped 1.9%, extending its weekly losses to nearly 5%, while the S&P 500 fell 1.2%, down roughly 3% for the week.
Investor anxiety over the labor market and the broader economy worsened after the University of Michigan’s consumer sentiment index sank to its lowest level since June 2022.
Notably, the subindex tracking current economic conditions dropped to the worst reading on record since the survey began in 1951.
Nvidia Corp. (NASDAQ:NVDA) fell another 4%, bringing weekly losses above 10%, alongside other high-flying names of the AI boom such as Palantir Technologies Inc. (NASDAQ:PLTR) and Advanced Micro Devices Inc. (NASDAQ:AMD).
Overall, semiconductor stocks, tracked by the iShares Semiconductor ETF (NASDAQ:SOXX), have dropped 7.4% this week.
The CBOE Volatility Index (VIX) — Wall Street’s so-called fear gauge — surged 15% to above 22, nearing its highest close since late April. Defensive sectors gained ground, with consumer staples leading the advance.
Meanwhile, gold rebounded 0.6% to $4,000 per ounce, buoyed by economic headwinds and a weaker dollar. Bitcoin (CRYPTO: BTC) slipped 0.2% to $101,000, heading for its worst week since early March.
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg % |
| Dow Jones | 46,586.89 | -0.7% |
| S&P 500 | 6,646.00 | -1.1% |
| Russell 2000 | 2,383.05 | -1.5% |
| Nasdaq 100 | 24,661.70 | -1.9% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) fell 1.2% to $609.15.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) dropped 0.8% to $465.70.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) fell 1.9% to $600.21.
- The iShares Russell 2000 ETF (NYSE:IWM) sank 1.5% to $236.87.
- The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, up 1.4%; the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 2.2%.
Friday’s Stock Movers On Earnings
- Constellation Energy Corporation (NASDAQ:CEG) down 2.8%
- KKR & Co. Inc. (NYSE:KKR) down 0.9%
- Duke Energy Corporation (NYSE:DUK) down 0.1%
- Airbnb, Inc. (NASDAQ:ABNB) down 1.3%
- Monster Beverage Corporation (NASDAQ:MNST) up 5.9%
- Take-Two Interactive Software, Inc. (NASDAQ:TTWO) down 9.3%
- Block, Inc. (NYSE:SQ) down 9.5%
- Microchip Technology Incorporated (NASDAQ:MCHP) down 9.0%
- Affirm Holdings, Inc. (NASDAQ:AFRM) up 5.0%
- The Trade Desk, Inc. (NASDAQ:TTD) down 7.5%
- IREN Limited (NASDAQ:IREN) down 8.7%
- DraftKings Inc. (NASDAQ:DKNG) up 1.6%
- Wynn Resorts, Limited (NASDAQ:WYNN) up 0.5%
- Franklin Resources, Inc. (NYSE:BEN) down 3.6%
- Texas Roadhouse, Inc. (NASDAQ:TXRH) up 1.1%
- Doximity, Inc. (NASDAQ:DOCS) down 13.8%
- MP Materials Corp. (NYSE:MP) up 8.0%
- Dropbox, Inc. (NASDAQ:DBX) up 7.4%
- NuScale Power Corporation (NYSE:SMR) down 16.2%
- MarketAxess Holdings Inc. (NASDAQ:MKTX) up 3.0%
- SoundHound AI, Inc. (NASDAQ:SOUN) down 1.0%
- Main Street Capital Corporation (NYSE:MAIN) up 0.3%
- Archer Aviation Inc. (NYSE:ACHR) down 17.3%
- Opendoor Technologies Inc. (NASDAQ:OPEN) down 2.1%
- BILL Holdings, Inc. (NYSE:BILL) up 0.3%
- StoneCo Ltd. (NASDAQ:STNE) down 11.7%
- Sunrun Inc. (NASDAQ:RUN) down 20.3%
- Peloton Interactive, Inc. (NASDAQ:PTON) up 3.7%
- Innodata Inc. (NASDAQ:INOD) up 4.3%
- U.S. Rare Earths, Inc. (NASDAQ:USAR) up 0.7%
- Amprius Technologies, Inc. (NYSE:AMPX) down 0.7%
- GigaCloud Technology Inc. (NASDAQ:GCT) up 22.1%
- AbCellera Biologics Inc. (NASDAQ:ABCL) down 19.1%
- indie Semiconductor, Inc. (NASDAQ:INDI) down 7.4%
- Sweetgreen, Inc. (NYSE:SG) down 13.2%
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