Wall Street Woes: Market Declines Amid Tech Sector Concerns
Wall Street's main indexes extended losses for a second session, driven by economic concerns and high valuations in the tech sector. While AI optimism had boosted markets earlier, doubts over its monetization have increased volatility. Major indexes are set for their steepest declines since March.
Wall Street experienced a turbulent session on Friday, continuing a two-day trend of losses driven by apprehensions around the economy and elevated valuations within the technology sector. The tech-centric Nasdaq saw a near 2% dip on Thursday following warnings from Wall Street executives about a potential market correction.
As the Dow faces its steepest weekly decline in a month and both S&P 500 and Nasdaq poised for their worst week since March, optimism around artificial intelligence has dimmed. Doubts over its monetization and spending patterns in the industry have turned enthusiasm into caution, affecting U.S. stocks.
Prominent tech stocks like Nvidia and Broadcom suffered significant losses amid this sentiment. While the broader semiconductor index headed for its largest fall in seven months, concerns over the AI narrative fueled further market volatility, with the Russell 2000 marking an over seven-week low.
ALSO READ
-
Wall Street Wobbles Amid Earnings, Shutdown, and Trade Tensions
-
Wall Street's Slide: Economic Concerns Trigger Major Index Declines
-
Wall Street Stumbles Amid Economic Concerns
-
Wall Street Faces Sharp Declines Amid Economic Concerns and Tech Valuations
-
Wall Street Wobbles Amid Tech Sector Valuation Concerns
Google News