NASDAQ POSTS WORST WEEK SINCE JUNE AS OIL HITS $110 AND AI STOCKS SELL OFF

What happened: The Nasdaq fell about 4% for the week ending October 16, its worst weekly drop since June, as oil hit $110 and AI stocks sold off. Key numbers: Nasdaq down about 4% for the week; S&P 500 lost about 2%; CoreWeave fell 12% Friday and about 25% for the week, with bond yields above 15%; Philadelphia Semiconductor Index fell for an eighth straight day; Brent settled at $109.86, up 3.7% on the day; CPI rose 3.7% year-over-year and PPI 6.3%. Why it matters: Energy stocks rose while tech led the decline, and the PPI gain was the largest annual increase since December 2022.

The Nasdaq fell about 4% for the week ending October 16, its worst weekly drop since June, as oil hit $110 and AI stocks sold off.

Energy stocks rose while tech led the decline, and the PPI gain was the largest annual increase since December 2022.