Nasdaq Sheds 4.48% for Week as Oil Eases After Russia Order

U.S. stocks enter a week of major corporate earnings after the Nasdaq Composite dropped 4.48% last week, while crude prices eased Sunday following a U.S. order pausing some Russia measures.

For the week ended Oct. 16, the S&P 500 lost 1.95%, while the Dow Jones Industrial Average rose 0.67%. The technology-heavy Nasdaq’s decline extended a technology-led selloff. On Friday, the S&P 500 fell 1.09% to 7,659.44, the Nasdaq dropped 2.15% to 26,140.03 and the Dow slipped 0.34% to 52,002.41.

The Philadelphia Semiconductor Index lost about 11.4% for the week and ended Friday with its eighth consecutive daily decline. The losses left chip shares under pressure ahead of a week that includes earnings from Meta and Tesla and a keynote from Nvidia in Berlin.

At 7:40 p.m. ET Sunday (23:40 UTC), Brent crude futures were at $108.43 a barrel, down 1.30%, and West Texas Intermediate futures were at $100.88, down 0.52%. Both had risen Friday, with Brent at $109.86 and WTI at $101.41.

President Donald Trump signed an order Friday that temporarily paused implementation of some sanctions and tariff measures previously passed by Congress. Secretary of State Marco Rubio said the administration would assess their economic impact for up to 60 days. Expectations of increased Russian fuel supply weighed on crude, while average crude shipments through the Persian Gulf fell to about 8.5 million barrels a day last week from more than 20 million the prior week.

Apple opened preorders for its iPhone Duo on Friday, with initial deliveries scheduled for Oct. 23. After preorders began, estimated delivery dates on Apple websites in multiple countries shifted into late January for some orders. Apple has not disclosed preorder totals or the size of its initial inventory, so the estimates do not show how much reflects demand versus supply limits.

The United States will publish September housing starts and building permits Tuesday at 8:30 a.m. ET (12:30 UTC). Nvidia’s GTC Berlin keynote is scheduled for Wednesday at 5 a.m. ET (09:00 UTC), with Meta and Tesla earnings due after the market closes. Apple’s iPhone Duo goes on sale Friday, when preliminary October U.S. manufacturing and services PMI readings are scheduled for 9:45 a.m. ET (13:45 UTC).