Stocks closed lower as tech struggles continued

In Short:
– Wall Street stocks fell, with the S&P 500 down 1.1% and Nasdaq down 2.1%.
– Concerns over AI boom persist as chip companies like Micron and Intel see significant declines.

Stocks on Wall Street closed lower on Friday as major tech companies faced further declines.The S&P 500 dropped 1.1% and the Nasdaq composite fell 2.1%, marking their worst week since June.

Stock declines persist

The Dow Jones Industrial Average saw a smaller decrease of 0.3%.

Chip companies continued to slip, raising concerns about the sustainability of the AI boom.

Micron Technology dropped 5.6% while Intel fell by 5.8%.

European and Asian markets closed higher despite the downturn in the U.S.

On Friday, the S&P 500 decreased by 84.62 points to 7,659.44.

The Dow Jones fell 175.28 points to 52,002.41.

The Nasdaq composite decreased by 572.99 points, ending at 26,140.03.

The Russell 2000 index dropped 45.90 points to 2,721.37.

For the week, the S&P 500 was down 152.10 points, while the Dow rose 347.46 points.

The Nasdaq fell by 1,226.14 points, and the Russell 2000 was down 85.61 points.

Year-to-date, the S&P 500 increased by 813.94 points.

The Dow rose 3,939.12 points, while the Nasdaq gained 2,898.04 points.

The Russell 2000 is up 239.46 points for the year.

Tech sector struggles

Overall, market volatility has been driven by uncertainty in the tech sector.

Investors will be watching closely for signs of recovery or further decline in the coming weeks.