Nasdaq sinks 4.5% for the week as chip stocks slide; Dow edges higher

Technology stocks led Wall Street lower on Friday, capping a rough week for the Nasdaq and the S&P 500, according to the Associated Press.

The AP reported that chipmakers fell again as investors questioned how long the surge in spending on artificial intelligence infrastructure can last. Micron dropped 5.6% and Intel fell 5.8% on Friday, it said.

How the indexes fared

| Index | Friday close | Day | Week | Year to date | |---|---|---|---|---| | S&P 500 | 7,659.44 | -1.1% | -1.9% | +11.9% | | Dow Jones industrials | 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% |

Source: Associated Press, via ABC News

Rates and inflation in focus

Investopedia reported that hotter-than-expected consumer and producer price reports this week added pressure on the Federal Reserve, and that Fed Chair Kevin Warsh offered no signal on rates. The Bureau of Labor Statistics said Wednesday that consumer prices rose 3.7% in the 12 months through September, with core prices up 2.6%. Futures data cited by Investopedia showed traders putting high odds on a rate increase by December.

The 10-year Treasury yield ended above 5.09%, after briefly reaching 5.33% following Wednesday's inflation data, Investopedia said.

Among other moves it reported:

• CoreWeave fell 12%, its second steep drop in three sessions
• Meta lost nearly 4% and Nvidia about 1.5%
• U.S. crude rose 3.4% to $101.35 a barrel on Middle East risks
• Gold futures gained 0.5% to about $4,190 an ounce

The Dow posted its second straight weekly gain, Investopedia noted, while overseas markets in Europe and Asia closed higher Friday, according to the AP.