The Nasdaq lost 4.5 percent and the S&P 500 1.9 percent in the week to Friday, October 16, their worst weeks since June, as falling chip stocks and worries about AI investment weighed on technology shares.
Wall Street ended the week to October 16 with its worst weekly performance since June, according to Associated Press market data, as “more drops for big tech companies weighed on the market.”
How the Indexes Closed on Friday
| Index | Close | Friday | Week | Year to date |
|---|---|---|---|---|
| S&P 500 | 7,659.44 | -1.1% | -1.9% | +11.9% |
| Dow Jones Industrial Average | 52,002.41 | -0.3% | +0.7% | +8.2% |
| Nasdaq Composite | 26,140.03 | -2.1% | -4.5% | +12.5% |
| Russell 2000 | 2,721.37 | -1.7% | -3.0% | +9.6% |
What Pulled the Market Down
The Associated Press said the Nasdaq and the S&P 500 had their worst week since June, driven by declines in semiconductor stocks and concerns about whether AI investment can be sustained. The Dow gained 0.7 percent over the week.
The Week Ahead
Saxo Markets said S&P 500 futures were up 0.5 percent and Nasdaq 100 futures up 0.9 percent on Monday morning. Reuters, via InvestingLive, listed Meta, Tesla, Netflix, Lam Research, Texas Instruments, Procter & Gamble, General Motors and GE Aerospace among the companies reporting this week.
Why It Matters
Despite the fall, the S&P 500 and the Nasdaq are still up 11.9 percent and 12.5 percent for the year. The coming earnings will show whether companies’ AI spending is producing the returns investors want.
