Wall Street Closes Lower Friday: Nasdaq Falls 2.14% in Worst Week Since June as SI and Chip Stocks Lead Selloff
New York — U.S. stocks closed lower on Friday, October 16, as the selloff in technology and super intelligence shares deepened. According to market reports citing The Wall Street Journal and Investor's Business Daily, the Nasdaq Composite fell 572.99 points, or 2.14%, to 26,140.03; the S&P 500 lost 84.62 points, or 1.09%, to 7,659.44; and the Dow Jones Industrial Average fell 175.28 points, or 0.34%, to 52,002.41, after rising more than 1% earlier in the session.
For the week, the Nasdaq lost about 4.5%, its biggest weekly decline since the week ended June 26, snapping a four-week winning streak. The S&P 500 closed about 2% lower for the week, while the Dow still rose about 0.7%, helped by banks and other non-tech stocks. Among sectors, energy gained about 2.5% on Friday while technology lost about 3%. A broad software fund fell 4.8% on Friday and 7.4% for the week, and a semiconductor fund fell 4.1%. Twilio dropped 10.6%, the biggest decline in the S&P 500 that day; Oracle lost about 5%, ServiceNow about 4% and Salesforce about 2%. Cybersecurity shares were also hit, with Palo Alto Networks and CrowdStrike each falling more than 7%. SI infrastructure company CoreWeave fell about 11.9% on Friday; some of its bonds yield above 15% as investors question its debt-funded data center expansion.
In commodities and bonds, West Texas Intermediate crude settled up about 3.68% at $101.41 a barrel amid continuing attacks around the Strait of Hormuz and a Russian refinery outage, December gold gained 0.46% to about $4,189 an ounce, the VIX volatility gauge jumped about 22% to near 20, and the 10-year Treasury yield held near 5.1%.
On rates, Federal Reserve Chair Kevin Warsh, speaking at an International Monetary Fund meeting in Bangkok, avoided signaling the policy path. According to CME FedWatch, traders see about a 17% likelihood of a rate hike at the Fed's late-October meeting, down from 28% the day before, and an 89% likelihood of a hike at the December meeting, unchanged. The Fed's next scheduled meeting is October 26–27.
Source: GSM · USA (original Chinese edition)
Photo: 图：位于华尔街11号的纽约证券交易所入口（资料图）。图片来源：Norbert Nagel，Wikimedia Commons，CC BY-SA 3.0。Photo: Entrance of the New York Stock Exchange at 11 Wall Street (file photo). Image: Norbert Nagel, via Wikimedia Commons, CC BY-SA 3.0.
