Last week the U.S. equity markets recorded another large drop. The Nasdaq composite fell 2 % from the prior close, marking its biggest weekly decline since June. While technology indices fell sharply, gains in AI‑related firms and utilities added negative pressure to the market.
On the New York Stock Exchange (NYSE) the Nasdaq composite closed at 572.99 points, down 15.02 points or about 1 200 points from the previous day—its largest weekly swing on record. The S&P 500 fell 84.62 points, closing at 7,659.44, and the Dow Jones Industrial Average slid 175.28 points to 5,200.2, holding a relative lead.
That week’s VIX volatility index logged 22.3 %—its first time in four months to exceed 22. The Philadelphia semiconductor index (SOX) fell 3.83 %, especially after eight consecutive trading days of decline, marking its longest streak since 2008. The semiconductor exchange‑traded fund (ETF·SMH) also slid 3.4 %, and major names such as Micron Technology (-5.6 %), AMD (-5.9 %) and Sandisk (-6.8 %) fell sharply.
Both AI‑related stocks and semiconductors slipped together, pushing the S&P 500 down about 2 % for the week while the Nasdaq sank more than 4 %. The Dow rose a modest 1 %, but costs of building AI infrastructure weighed on some firms, adding debt burden. Cloud‑infrastructure company Corespace had total debt exceeding $51 billion and saw its shares fall 12 %, with the weekly decline at 26 %. Global benchmark Brent crude hit $110 per barrel, while U.S. West Texas Intermediate (WTI) closed at $101.41.