AI Stocks Sell, Nasdaq 100 Looks Worst Week Since April – AbCellera Biologics (NASDAQ:ABCL)

Risk sentiment dominated Wall Street on Friday, with selling pressure mounting in AI-linked names and pushing tech stocks toward their worst week since April.

By noon in New York, the Nasdaq100 fell 1.9%, pushing weekly losses to almost 5%, while the S&P500 fell 1.2%, down about 3% over the week.

Investors’ concerns about the labor market and broader economy increased after the University of Michigan’s consumer confidence index fell to its lowest level since June 2022.

Notably, the sub-index that tracks current economic conditions fell to its worst reading ever since the survey began in 1951.

Nvidia Corp. (NASDAQ:NVDA) fell another 4%, pushing weekly losses above 10%, joining other high-flying names of the AI ​​boom like Palantir Technologies Inc. (NASDAQ:PLTR) and Advanced Micro Devices Inc. (NASDAQ:AMD).

Overall, the semiconductor stocks, followed by the iShares Semiconductor ETF (NASDAQ:SOXX), are down 7.4% this week.

The CBOE Volatility Index (VIX) – Wall Street’s so-called fear gauge – rose 15% to above 22, approaching its highest close since late April. Defensive sectors gained ground, with consumer staples leading the way.

Meanwhile, gold recovered 0.6% to $4,000 an ounce, supported by economic headwinds and a weaker dollar. Bitcoin (CRYPTO: BTC) fell 0.2% to $101,000, heading for its worst week since early March.

Friday’s performance in the major US indices and ETFs

According to Benzinga Pro facts:

• The Vanguard S&P 500 ETF (NYSE:VOO) fell 1.2% to $609.15.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.8% to $465.70.
• The tech heavy Invesco QQQ Trust Series (NASDAQ:QQQ) fell 1.9% to $600.21.
• The iShares Russell 2000 ETF (NYSE:IWM) fell 1.5% to $236.87.
• The Consumer goods Select Sector SPDR Fund (NYSE:XLP) outperformed, up 1.4%; the Technology Select Sector SPDR Fund (NYSE:XLK) lagged behind with a decline of 2.2%.

Friday’s stock prices on earnings

• Constellation Energy Company (NASDAQ:CEG) fell 2.8%
• KKR & Co. Inc. (NYSE:KKR) fell 0.9%
• Duke Energy Company (NYSE:DUK) fell 0.1%
• Airbnb, Inc. (NASDAQ:ABNB) fell 1.3%
• Monster Beverage Corporation (NASDAQ:MNST) up 5.9%
• Take-Two Interactive Software, Inc. (NASDAQ:TTWO) fell 9.3%
• Block, Inc. (NYSE:SQ) fell 9.5%
• Microchip technology integrated (NASDAQ:MCHP) down 9.0%
• Affirm Holdings, Inc. (NASDAQ:AFRM) up 5.0%
• The Handelsdesk, Inc. (NASDAQ:TTD) fell 7.5%
• IREN limited (NASDAQ:IREN) fell 8.7%
• DraftKings Inc. (NASDAQ:DKNG) up 1.6%
• Wynn Resorts, Limited (NASDAQ:WYNN) up 0.5%
• Franklin Resources, Inc. (NYSE:BEN) down 3.6%
• Texas Roadhouse, Inc. (NASDAQ:TXRH) up 1.1%
• Doximity, Inc. (NASDAQ:DOCS) fell 13.8%
• MP Materials Corp. (NYSE:MP) rises 8.0%
• Dropbox, Inc. (NASDAQ:DBX) up 7.4%
• NuScale Power Corporation (NYSE:SMR) fell 16.2%
• MarketAxess Holdings Inc. (NASDAQ:MKTX) up 3.0%
• SoundHound AI, Inc. (NASDAQ:SOUN) down 1.0%
• Main Street Capital Corporation (NYSE:MAIN) up 0.3%
• Sagittarius Aviation Inc. (NYSE:ACHR) fell 17.3%
• Opendoor Technologies Inc. (NASDAQ:OPEN) down 2.1%
• BILL Holdings, Inc. (NYSE:BILL) up 0.3%
• StoneCo Ltd. (NASDAQ:STNE) fell 11.7%
• Sunrun Inc. (NASDAQ:RUN) down 20.3%
• Peloton Interactive, Inc. (NASDAQ:PTON) up 3.7%
• Innodata Inc. (NASDAQ:INOD) up 4.3%
• American Rare Earths, Inc. (nasda:Uar) Up 0.7%
• Amprius Technologies, Inc. (NYSE:AMPX) fell 0.7%
• GigaCloud Technology Inc. (NASDAQ:GCT) up 22.1%
• AbCellera Biologics Inc. (NASDAQ:ABCL) fell 19.1%
• indie Semiconductor, Inc. (NASDAQ:INDI) fell 7.4%
• Sweetgreen, Inc. (NYSE:SG) fell 13.2%

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