Nasdaq Loses 4.5% on the Week as Chip Selloff Deepens
U.S. markets are closed today and reopen Monday at 9:30 a.m. ET (4:30 p.m. in Istanbul). Friday brought the week's sharpest selloff: the Nasdaq Composite fell 2.1% and ended the week down 4.5%. It was the worst week since late June.
Chips were at the center of the selloff. The Philadelphia Semiconductor Index fell 3.8%, with all 30 members closing lower. AMD fell 6%, Intel 5.8% and Micron 5.6%; Nvidia slipped 1.5%.
The pressure again came from debt-funded AI infrastructure. CoreWeave fell 11.9% to $61.39 and lost 25% on the week. The market did not read it as a single-company story; money left tech for record-high healthcare stocks.
Oil moved the other way. Brent settled up 3.7% at $109.86 on Friday, its highest close since May. Attacks near the Strait of Hormuz and a Ukrainian strike on a Russian refinery fed supply worries; Exxon rose 2.5% and Chevron 2.6%.
Rate expectations eased. CME FedWatch puts the odds of a hike at the October 27-28 meeting at 17%, down from 28% on Thursday. December hike odds held at 89%.
In the last session (October 16), the Nasdaq 100 fell 2.77%, the , the and the . Losses were concentrated in tech; energy and healthcare kept the 's decline limited.
