Nasdaq falls over 2%, posts worst weekly performance since June

US stocks closed lower on Friday as investors rotated out of technology and artificial intelligence stocks, leaving the Nasdaq with its worst weekly performance since April 2025 as oil prices rose and inflationary pressures mounted.

The Dow Jones Industrial Average fell 0.34%, or 175 points, to 52,002. It nevertheless posted a weekly gain of 0.67%, partly benefiting from a shift toward traditional sectors.

The S&P 500 dropped 1.10%, or 84 points, to 7,659, and the Nasdaq Composite slid 2.15%, or 572 points, to 26,140. The indexes recorded weekly losses of 1.95% and 4.48%, respectively.

In Europe, the STOXX Europe 600 rose 0.72% to 644, bringing its weekly gain to 2.10%.

Britain’s FTSE 100 gained 0.38% to 10,881, Germany’s DAX advanced 0.95% to 25,622, and France’s CAC 40 added 0.28% to 7,656.

In Japan, the Nikkei 225 rose 1.39% to 65,324, and the broader TOPIX gained 1.67% to 4,066, trimming their weekly losses to 5.37% and 0.95%, respectively.

Brent crude futures for December delivery jumped 3.72%, or $3.94, to $109.86 a barrel.

US West Texas Intermediate crude futures for November delivery climbed 3.51%, or $3.44, to $101.41 a barrel.

Gold futures for December delivery rose 0.26%, or $11, to $4,181.10 an ounce.

Market drivers

A continued selloff in technology stocks weighed on Wall Street, while surging oil prices heightened inflation risks stemming from geopolitical tensions, dampening investors’ appetite for risk assets.