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S&P 500 Suffers Worst Week Since June as Oil Hits $110 and AI Fears Mount
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Moneycontrol•17-10-2026, 05:24
S&P 500 Suffers Worst Week Since June as Oil Hits $110 and AI Fears Mount
- •The S&P 500 dropped 1.1% on Friday, recording its largest weekly loss since June amid rising inflation concerns and tech sector jitters.
- •Brent crude oil surpassed $110 a barrel for the first time since May, amplifying inflationary pressures and boosting energy stocks.
- •The Nasdaq 100 Index slumped 2.5% on Friday, marking its worst week since April 2025 due to a major selloff in cloud provider CoreWeave Inc. and chipmakers.
- •Semiconductor stocks faced an eighth straight session of losses, their longest losing streak since 2006, while the Magnificent Seven cohort fell 1.9%.
- •Upcoming earnings reports from major tech giants like Meta Platforms, Microsoft, and Amazon will serve as a crucial test for the durability of the AI profit engine.
Key Questions Answered
The S&P 500 dropped 1.1% on Friday, capping its worst week since June, driven by rising crude oil prices that touched $110 a barrel and mounting doubts over the profitability and viability of the artificial intelligence trade.
A sharp wipeout in shares of cloud-computing provider CoreWeave Inc. accelerated the tech stock rout, pushing the Nasdaq 100 Index down 2.5% in a single day and capping its worst weekly performance since April 2025.
Money managers pared their bets for an imminent rate hike after Fed Chair Kevin Warsh did not dispel market expectations that the central bank will keep rates unchanged at its October 27-28 policy meeting.
