US stock indices fell for a fourth consecutive week, with the Nasdaq Composite closing Friday at 24,579 points and the S&P 500 at 7,378 points. The Nasdaq lost 3.37 percent over the week, and the S&P 500 lost 2.7 percent.
The slide was sharpest on Thursday, 5 November, when the Nasdaq fell 5.52 percent and the S&P 500 fell 4.36 percent. Market value of S&P 500 companies worth about 3 trillion dollars was nearly erased in that session.
Tech and AI under pressure
The Thursday sell-off followed Democratic victories in US midterm elections.
Intel shares dropped 28.6 percent on 30 October, AMD fell 10.9 percent and Dell fell 10.8 percent. Nvidia, Micron, AMD and Intel recovered some ground on Friday, with gains of 7 to 13 percent intraday for several of them.
Rate hike bets build
A stronger-than-expected October jobs report pushed up bets on a Federal Reserve rate hike. The market-implied probability of a December hike rose from 70 percent at the start of Friday to 78 percent by the close.
At its early-October peak, the S&P 500 had reached 7,843 points and the Nasdaq Composite 27,722 points. Both indices remain well below those levels.
Data: Nasdaq
