A fresh burst of selling in chipmakers and artificial-intelligence names dragged U.S. equities into mixed territory Friday, sending the tech-heavy Nasdaq 100 lower while a value-oriented Dow Jones clung to gains near record highs.
Investors continued to question whether the industry’s massive AI spending can justify its lofty valuations.
West Texas Intermediate crude tumbled 4.7% to around $68.55 a barrel, leaving the U.S. benchmark down nearly 23% for the month. This marks the worst monthly performance since March 2020 as traders look past the Hormuz headlines toward signs OPEC is restoring Iraq’s pre-war production allocations.
The S&P 500 was roughly flat at 7,363, up about 0.1%, while the Dow Jones Industrial Average added around 61 points, also up 0.1% to near 51,982, supported by strength in software and other non-AI names.
The Nasdaq 100 underperformed, falling 0.6% to about 29,253 as the AI trade wobbled. Gold added 1.3% to around $4,081 an ounce, clawing back some ground despite remaining down roughly 8% for the month.
Friday’s Performance In Major US Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 7,363.43 | +0.1% |
| Dow Jones | 51,982 | +0.1% |
| Nasdaq 100 | 29,253 | -0.6% |
| Russell 2000 | 3,005.03 | -0.1% |
Updated by 12:25 PM ET
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) edged up 0.1%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) gained 0.1%.
- The Invesco QQQ Trust (NASDAQ:QQQ) slid 0.6%.
- The iShares Russell 2000 ETF (NYSE:IWM) dipped 0.1%.
Semiconductors Crater As Money Rotates Into Defensives
Technology was the clear laggard, with the chip rout deepening across the complex. The VanEck Semiconductor ETF (NASDAQ:SMH) sank 3.4%, the worst-performing industry fund on the screen.
By contrast, money rotated into software and defensives: the iShares Expanded Tech-Software Sector ETF (NYSE:IGV) jumped 3.2%, the VanEck Gold Miners ETF (NYSE:GDX) climbed 3.1% alongside firmer bullion, and the iShares Biotechnology ETF (NASDAQ:IBB) gained 2.6%.
The epicenter of the selling was ON Semiconductor Corp. (NASDAQ:ON), which cratered 21% after agreeing to acquire Synaptics Inc. (NASDAQ:SYNA) in an all-stock deal valued at roughly $7 billion.
The damage spread across chip and AI-hardware names, extending pressure that has built since Broadcom’s recent AI-revenue guidance disappointed.
Optical and AI-networking suppliers Lumentum Holdings Inc. (NASDAQ:LITE) and Corning Inc. (NYSE:GLW) slid 8.4% and 7.8%, respectively, dragged lower in sympathy with the AI-infrastructure unwind.
Memory names also stayed under pressure, with Micron Technology Inc. (NASDAQ:MU) reversing part of Thursday’s earnings-driven surge as worries built that AI infrastructure spending could slow. Western Digital Corp. (NASDAQ:WDC) fell 10.3%.
Health care led the rebound, powered by Moderna Inc. (NASDAQ:MRNA), which surged 13.8% – the day’s biggest gainer – after its annual Science Day presentation detailed a broadening pipeline of mRNA therapies extending well beyond vaccines into oncology and rare diseases.
AST SpaceMobile Inc. (NASDAQ:ASTS) climbed 9.7% amid continued optimism around its Japan regulatory clearance and an upcoming satellite launch, with no single new headline confirmed for the session.
Friday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| Moderna Inc. | +13.8% |
| ManpowerGroup Inc. (NYSE:MAN) | +10.2% |
| AST SpaceMobile Inc. | +9.7% |
| FactSet Research Systems Inc. (NYSE:FDS) | +9.7% |
| Morningstar Inc. (NASDAQ:MORN) | +9.1% |
Friday’s Russell 1000 Top Losers
| Name | % change |
|---|---|
| ON Semiconductor Corp. | -21.0% |
| Western Digital Corp. | -10.3% |
| Entegris Inc. (NASDAQ:ENTG) | -10.2% |
| Lumentum Holdings Inc. | -8.4% |
| Corning Inc. | -7.8% |
Image: Shutterstock
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