S&P 500 and Nasdaq Indices Decline Led by Tech Stocks
Increases in crude oil prices and concerns regarding artificial intelligence trading led the S&P 500 index to record its largest weekly loss since June.
The S&P 500 Index declined in Friday's trading, recording its largest weekly loss since June. Inflation concerns related to oil and artificial intelligence worries regarding chipmakers weighed on the markets.
Weekly Losses Deepen
The S&P 500 Index dropped 1.1 percent on Friday, closing out its largest weekly loss since June.
Inflation and Technology Pressure
While a sudden jump in crude oil prices rekindled inflation fears, concerns regarding the sustainability of artificial intelligence trading put pressure on chipmakers.
Sharp Decline in the Nasdaq Index
A major collapse in shares of cloud computing service provider CoreWeave Inc. accelerated the unwinding in technology stocks, and the Nasdaq 100 Index fell 2.5 percent on Friday.