US stocks weekly: Revolt
SPY•SPY•SPY•SPY•The S&P 500 fell 2.7% for a fourth straight weekly decline, while the Nasdaq dropped 3.4% and confirmed a correction. Energy fell 11.9%, technology slid 6.9%, and the 10-year Treasury yield ended around 4.86%.
The S&P 500 fell 2.7% in tumultuous trading, its fourth straight weekly decline. The Dow dipped 0.9%, while the Nasdaq Composite dropped 3.4% for a fourth consecutive week and confirmed a correction.
Energy sank 11.9%, tracking lower oil prices, while technology fell 6.9%. The semiconductor index dropped about 12%; Marvell and Lumentum declined after a $115 billion deal stoked unease over AI spending. Consumer Staples rose 1%, Communication Services gained 2.3%, and Consumer Discretionary advanced 2.7%.
Apple slipped after warning that higher memory-chip costs would pressure holiday-quarter margins, and Oracle fell on $20 billion in AI fundraising. AppLovin surged 71% for the week after higher third-quarter profit, while McDonald's rose after a quarterly profit beat. The 10-year Treasury yield fell to end around 4.86% in a flight to safety.
