Most of Wall Street Rises, but Sinking AI Stocks Send It Lower for the Week
A 5.5% drop in Micron and other AI winners weighed on Wall Street, leaving the S&P 500 on track for its second losing week in 13.
- Stocks fell 0.6% on Friday, heading for just the second losing week in 13 as widespread drops for artificial-intelligence stocks, which hold significant influence over indexes, drove the decline.
- The slump began in Asia, where stock indexes in Japan and South Korea tumbled 4.2% and 5.8%, respectively, as investors worry that company profits cannot keep pace with tremendous stock price rallies.
- Micron Technology fell 4.1%, while a 12.5% plunge for Softbank Group Corp led the Nikkei lower, and Onsemi shares dropped 21.1% after announcing an all-stock deal to purchase Synaptics valued at roughly $7 billion.
- Market losses were partially offset as oil prices retreated to levels seen before the war with Iran; Benchmark United States crude fell 3.2%, helping United Airlines climb 1.7% while Eli Lilly shares jumped 6.3%.
- Investors showed less appetite for big artificial-intelligence stocks, with SpaceX shares falling 1% below $152, as reports suggest OpenAI may delay its IPO to next year, affecting early investors like Softbank.
38 Articles
38 Articles
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Rutland Herald
Most of Wall Street rises, but sinking AI stocks send it lower for the week
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Idaho Press
Most of Wall Street rises, but sinking AI stocks keep it on track for a losing week
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Sinking AI stocks drag Wall Street toward just its 2nd losing week in the last 13
NEW YORK (AP) — AI stocks are veering back down the roller coaster on Friday and pulling Wall Street behind them. The S&P 500 fell 0.6% and is heading for just its second losing week in the last 13. The Nasdaq composite, which has a heavy emphasis on tech stocks, was down 1%, as of 9:35 a.m. Eastern time. The Dow Jones Industrial Average, which has less of an emphasis on tech, was down a more modest 0.4%, or 223 points. The slump started in Asia…
The U.S. shares operated with losses and led to the closure of a week marked by greater volatility in the technology sector.The pressure was again concentrated on semiconductor manufacturers.See more: Polymarket and Kalshi boom points to $1 trillion, but faces blockades in Latin AmericaInvestors evaluated signs of a cooling in enthusiasm for artificial intelligence, the fall of oil and a macroeconomic environment that, while maintaining expectat…
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