Stocks Close Worst Week Since June

A broad sell-off in technology companies pulled stocks lower on Wall Street on Friday, capping off the market's worst week since late June.

• The Dow fell 175.28 points, or 0.3%, to 52,002.41, rising 0.7% for the week.
• The S&P fell 84.62 points, or 1.1%, to 7,659.44, down 1.9% for the week.
• The Nasdaq fell 572.99 points, or 2.1%, to 26,140.03, dropping 4.5% this week.

Slightly more than half of the stocks in the S&P 500 fell, but all but seven of the 75 stocks in the index's tech sector closed lower, the AP reports. Among the biggest decliners were chip companies, reflecting mounting worries about how long the frenzy over the AI buildout will last. Micron Technology fell 5.6%, Advanced Micro Devices 6%, Broadcom 4.5%, and Intel 5.8%. Among the other tech companies that finished in the red were Meta, which fell 3.7%, and Google parent Alphabet, which dropped 2.5%. It's been a choppy week for chipmakers and other big-tech stocks central to the artificial intelligence industry.

Investors worry that the companies, which have relied on debt markets to finance investment in their technology, may not be able to keep borrowing and spending as heavily with yields in bond markets worldwide climbing to their highest levels in years. Netflix's stock fell 2.9% a day after the company announced that Chief Content Officer Bela Bajaria will be replaced by Peter Rice. Netflix has said that it plans to lay off about 6% of its workforce, amounting to nearly 1,000 positions. Energy stocks held up better than most. Exxon rose 2.5% and Chevron added 2.6%.