U.S. stocks sank as Wall Street kept punishing companies that could become losers in the AI revolution. A surprisingly discouraging update on inflation also hurt the market Friday, while oil prices climbed along with worries about tensions between the United States and Iran.
The S&P 500 fell 0.4% and closed out just its second losing month in the last 10. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite fell 0.9%.
Block’s stock soared after cutting nearly half its workforce because it said AI tools can replace them. Netflix jumped after abandoning its bid for Warner Bros. Discovery.
On Friday:
The S&P 500 fell 29.98 points, or 0.4%, to 6,878.88.
The Dow Jones Industrial Average fell 521.28 points, or 1.1%, to 48,977.92.
The Nasdaq composite fell 210.17 points, or 0.9%, to 22,668.21.
The Russell 2000 index of smaller companies fell 44.93 points, or 1.7% to 2,632.36.
For the week:
The S&P 500 is down 30.63 points, or 0.4%.
The Dow is down 648.05 points, or 1.3%.
The Nasdaq is down 217.86 points, or 1%.
The Russell 2000 is down 31.42 points, or 1.2%.
For the year:
The S&P 500 is up 33.38 points, or 0.5%.
The Dow is up 914.63 points, or 1.9%.
The Nasdaq is down 573.78 points, or 2.5%.
The Russell 2000 is up 150.45 points, or 6.1%.
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LittleFoot said:
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