Stocks fell again on Friday, with Wall Street posting a weekly decline, as traders weighed the latest moves in semiconductor names along with recent quarterly reports.
The broad market index lost 1.01% to end at 7,457.69, while the Nasdaq Composite
dropped 1.4% to 25,520.24 as tech stocks came under scrutiny. The Dow Jones Industrial Average
fell 406.55 points, or 0.77%, to close at 52,146.42.
The major stock benchmarks notched weekly losses, with the S&P 500 off 1.6%, while the Nasdaq slid 2.9%. The Dow fell 0.9% on the week.
The VanEck Semiconductor ETF (SMH)
posted its third weekly decline in four weeks, dropping almost 9% in the period. Semiconductors were hit especially hard earlier in the session after Chinese startup Moonshot AI unveiled a new model that it said narrows the gap with the top offerings in the U.S.
“The latest development is competition from open-source models in China, which are reportedly rivaling the performance of leading offerings from Anthropic and OpenAI, raising fresh concerns about the heavy pace of technology spending,” said Angelo Kourkafas, senior investment strategist at Edward Jones.
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