US Markets
Home›US Markets›Indices›S&P 500, Dow and Nasdaq fall as tech selloff extends
S&P 500, Dow and Nasdaq fall as tech selloff extends
Friday left the S&P 500 at a 1-week low and the Nasdaq 100 at a 5-week low, after chip and Magnificent Seven declines fed into broader weakness.
US equities finished sharply lower on Friday, with the S&P 500 down 1.01%, the Dow Jones Industrial Average down 0.77%, and the Nasdaq 100 down 1.49%. By the close, the S&P 500 hit a 1-week low, the Dow slid to a 2.5-week low, and the Nasdaq 100 fell to a 5-week low, according to Yahoo Finance. The selloff was driven by continued pressure on chipmakers and major technology stocks, as markets grappled with concerns that gains tied to artificial intelligence have moved too far for elevated valuations. The decline reportedly began in Asia, where China’s Shanghai Composite fell 3% and Japan’s Nikkei dropped 4% following the launch of an AI model by China’s Moonshot. On the macro front, the University of Michigan’s July consumer sentiment index rose by 4.9 points to 54.4, a 5-month high, and 1-year inflation expectations eased to 4.2% from 4.6% in June. Friday also brought mixed housing data, with June housing starts up 19.0% month over month to 1.427 million, while June building permits fell 3.0% to 1.367 million. Other releases were mixed as well, with US June manufacturing production unchanged month over month versus expectations for a 0.1% increase. The June import price index excluding petroleum rose 0.5% month over month, stronger than expectations for a 0.4% gain, while energy stocks rallied alongside crude oil hitting a 5-week high.
Latest closeWTI crude $79.00 ▼0.8%|S&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%