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 percent and closed out just its second losing month in the last 10. The Dow Jones Industrial Average dropped 1.1 percent, and the Nasdaq composite fell 0.9 percent.
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 percent, to 6,878.88.
The Dow Jones Industrial Average fell 521.28 points, or 1.1 percent, to 48,977.92.
The Nasdaq composite fell 210.17 points, or 0.9 percent, to 22,668.21.
The Russell 2000 index of smaller companies fell 44.93 points, or 1.7 percent to 2,632.36.
For the week:
The S&P 500 is down 30.63 points, or 0.4 percent.
The Dow is down 648.05 points, or 1.3 percent.
The Nasdaq is down 217.86 points, or 1 percent.
The Russell 2000 is down 31.42 points, or 1.2 percent.
For the year:
The S&P 500 is up 33.38 points, or 0.5 percent.
The Dow is up 914.63 points, or 1.9 percent.
The Nasdaq is down 573.78 points, or 2.5 percent.
The Russell 2000 is up 150.45 points, or 6.1 percent.
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