Business · Markets · 1 hr ago

US stocks fall Friday, but S&P 500 gains 2.5% for the week

US stocks fall Friday, but S&P 500 gains 2.5% for the week

US stocks fell on Friday as AI-focused technology shares dragged down the market.

The S&P 500 dropped 0.4% that day but rose 2.5% over the week, its first weekly gain since October.

The Nasdaq also ended the week higher for the first time in five weeks, while the Dow edged up on Friday.

Nvidia, Broadcom and AMD shares fell, adding to a turbulent week after Nvidia CEO Jensen Huang resigned and the company lost more than US$600 billion in market value.

The episode highlights how a small group of AI companies can sway the wider market, as investors question whether profits will justify the industry’s costly investments and high valuations.

More than 60% of S&P 500 stocks rose on Friday, but declines in major technology companies still weighed on the index.

The article gives no further market developments to watch for.

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Angelo KourkafasSenior global strategist at Edward Jones
Nvidia’s pullback serves as a reminder of the concentration risk embedded in a market where a small number of mega-cap technology stocks have driven an outsized share of returns.
via BNN Bloomberg