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Wall Street closes the week lower amid pressure from semiconductor stocks
On Friday, U.S. stocks closed lower amid declines in sectors related to artificial intelligence, especially semiconductor shares, which have been among the main drivers of the market’s gains this year. The Philadelphia Semiconductor Index fell by 18% since the start of July, although it remains up approximately 65% since the beginning of the year. Investors are now focused on the possibility of a slowdown in the AI spending boom, as some fund managers begin to cut their exposure to the sector. Major indices declined, with the S&P 500 losing 75.99 points (1.01%), the Nasdaq dropping 370.83 points (1.40%), and the Dow Jones down 394.01 points (0.75%). The leading sector gaining ground was energy, thanks to rising oil prices. Meanwhile, earnings forecasts indicate a 26% growth in profits for this year.
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