Nasdaq loses 750 points at close, posts 5% monthly drop

US stocks fell for a second consecutive session on Friday, posting weekly and monthly losses as a selloff in technology shares intensified amid growing investor concerns over the returns on massive capital spending on artificial intelligence.

The Dow Jones Industrial Average slid 1.10%, or 572 points, to close at 51,770. The index lost 0.85% for the week but gained 1.70% in October.

The broader S&P 500 fell 1.82%, or 140 points, to 7,580, while the Nasdaq Composite shed 2.86%, or 747 points, to 25,437. The two indices posted weekly losses of 0.57% and 2%, respectively, and monthly declines of 0.93% and 5.30%.

In Europe, the STOXX Europe 600 slipped 0.36% to 646 points but gained 1.73% for the week and 2.44% for the month.

The UK's FTSE 100 was flat at 10,729 points, as was France's CAC 40 at 7,969, while Germany's DAX fell 0.85% to 25,818.

In Japan, the Nikkei 225 dropped 2.10% to 63,290 points, while the broader TOPIX declined 0.95% to 3,965.

In oil markets, Brent crude futures for December delivery, which expired on Friday, rose 2.40%, or $2.76, to $117.64 a barrel.

US West Texas Intermediate (WTI) crude futures for December delivery gained 2.10%, or $2.12, to $104.12 a barrel.

Meanwhile, gold futures for December delivery fell 3.28%, or $132.50, to $3,898.90 an ounce.

Market drivers

The technology selloff deepened as doubts mounted over potential returns on massive AI spending and debt risks facing digital infrastructure companies. Disappointing earnings from several major companies added to the pressure, prompting investors to shift funds into defensive sectors and helping limit broader market losses.