Nasdaq Falls More Than 4% for Week as Oil Tops $100 and Chip Stocks Slide

U.S. stocks fell Friday as a technology selloff and crude above $100 left the Nasdaq Composite down more than 4% for the week, its sharpest decline since June.

The Nasdaq lost 2.14% on Friday, Oct. 16, as technology shares came under pressure. The S&P 500 fell 1.09% Friday and about 2% for the week. The Dow Jones Industrial Average slipped 0.34% on the day but gained 0.7% for the week.

Chip shares were among the hardest hit. The semiconductor ETF SMH dropped 3% Friday and 10% for the week, its largest weekly decline since April 2025. Micron, AMD and SanDisk were among the weakest stocks as concerns about Chinese competition and borrowing for AI infrastructure weighed on the sector. AI cloud provider CoreWeave fell nearly 12% Friday and 25% for the week.

Oil futures climbed amid heightened tensions involving the United States and Iran, as well as Russia and Ukraine. West Texas Intermediate crude rose 3.51% to settle at $101.41 a barrel. Brent crude gained 3.72% to $109.86. Energy shares advanced, with Chevron among the stocks that helped limit the Dow’s decline.

The Nasdaq and S&P 500 closed below their 50-day moving averages. The Cboe Volatility Index rose above 22 for the first time in four months.