Stock Market This Week: AI Stocks Sell, Financial Earnings Mixed, Crude Rallies

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Let's take a look at where the markets closed to end the week. It was a rough week for the stocks. Nasdaq 100 plummeted five and a half percent, closing at its lowest level in a month. The S&P 500 was down two percent, while the Dow was positive for the week, driven by strength from United Health, Walmart and Nike. Technology fell more than six percent, while staples and energy were each up five percent. The tech weakness was particularly acute for chipmakers, memory stocks and AI hardware suppliers. The Sox closed lower for the eighth straight day, that's the longest streak since 2008 For the week, Dell fell 23 percent, Micron dropped 15 percent, AMD was down 13 percent and Nvidia seven percent. And the first week of earnings season saw mixed results for the financial sector, with the sector little changed. JPMorgan Chase rose two percent and the regional bank index finished the week up more than one percent, while Bank of America dropped six percent after a $1.2 billion fine was disclosed in its report. Crude oil closed the week just below $100 a barrel, the highest level since mid-September. WTI opened the week at 90, but supply constraints and worries about renewed attacks in the Middle East have driven it higher. Next week, all eyes will be on earnings. Netflix and SpaceX are scheduled to report on Tuesday, while Tesla, Meta Platforms, IBM and Lamb Research report on Wednesday. That is going to do it for the wrap. I'm Marley Kayden. Remember you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.