NEW YORK (AP) — The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week.
The S&P 500 dropped 0.9% to close out its third straight losing week. That’s its longest such streak since September, before it broke into a romp that sent it to a string of records this year.
The Nasdaq composite sank 2%. The Dow Jones Industrial Average, which has less of an emphasis on tech, was an outlier and rose 211 points, or 0.6%.
The market’s worst performers included several stocks that had been its biggest stars. Super Micro Computer lost more than a fifth of its value, dropping 23.1%. The company, which sells server and storage systems used in AI and other computing, had soared nearly 227% for the year coming into the day.
Nvidia, another stock that has surged to dizzying heights due to Wall Street’s frenzy around artificial-intelligence technology, also gave up some of its big recent gains. It slumped 10% and was the heaviest single weight on the S&P 500, by far, because of its huge size.
Tech stocks in the S&P 500 broadly lost 7.3% this week for their worst performance since March 2020 as some global giants reported discouraging trends. ASML, a Dutch company that’s a major supplier to the semiconductor industry, reported weaker-than-expected orders for the start of 2024, for example.