The Nasdaq recorded its fifth consecutive daily decline on Friday, while the S&P 500 ended marginally lower, as AI-related chip stocks took a hit amid a rotation into defensive assets. The Dow Jones Industrial Average slipped 0.1% to 51,876.11, the S&P 500 edged down less than 0.1% to 7,353.95, and the Nasdaq fell 0.2% to 25,297.62. The PHLX Semiconductor Index tumbled 5.3%, with Micron Technology dropping 6.7% and Advanced Micro Devices declining 2.1%, while Moderna surged 12.6% and Eli Lilly jumped 7.1% as investors favored healthcare. The sell-off intensified after reports that OpenAI could delay its IPO to 2027, adding to concerns about the sustainability of AI-related stocks. For the week, the Nasdaq lost 4.6%, the S&P 500 fell 2%, but the Dow gained 0.6%.
Eli Lilly and Company
Moderna Inc
Advanced Micro Devices Inc
Micron Technology Inc
Tesla Inc