United States
The S&P 500 (^GSPC) fell 2.85% to $7,383.74 for the week, while the Nasdaq (^IXIC) sank 5.09% to $25,709.43. The Dow Jones (^DJI) held relatively steady, declining 0.42% to $50,866.78, and the Russell 2000 (^RUT) dropped 2.49% to $2,833.50. Technology stocks bore the brunt of selling pressure, with the semiconductor sector posting its worst day in six years on Friday.
Coinbase (COIN) led declines, falling 16.54% to $152.40 for the week. Broadcom (AVGO) dropped 16.14% to $385.73. Microsoft (MSFT) declined 9.52% to $416.67, while Nvidia (NVDA) and Advanced Micro Devices (AMD) each fell 8.58%, closing at $205.10 and $466.38 respectively. Marvell Technology and Micron Technology shares tumbled as chip stocks suffered broad-based losses.
Big Tech companies are increasingly turning to equity sales to fund an estimated $820 billion artificial-intelligence buildout. Google (GOOGL) announced a deal to pay SpaceX $920 million monthly for compute capacity at xAI data centers. Separately, the Trump administration and OpenAI are discussing a possible government stake in the AI startup. Bitcoin (BTC) fell below $60,000, reaching its lowest level since October 2024. In personnel news, the Trump administration has discussed firing a large portion of the national intelligence office staff, according to the Wall Street Journal.
Italy
The FTSE MIB (FTSEMIB.MI) edged upward 0.24% to €49,893.05, trading between €49,532.00 and €50,582.00. STMicroelectronics (STMMI.MI) gained 5.92% to €62.81, outperforming the broader market. ENI (ENI.MI) rose 2.30% to €23.55. Stellantis (STLAM.MI) declined 6.84% to €6.22, while Mondelez (MONC.MI) fell 1.17% to €54.18.
Week ahead
SpaceX is expected to deliver material market developments next week. Earnings season continues with select reports in technology and industrials; macro data releases are scheduled mid-week.