Nasdaq drops about 2% as chip and AI stocks slide, while the Dow falls 0.5%

What happened: The Dow rose while the Nasdaq slipped, with chip stocks dragging Wall Street toward a weekly loss. The Fed chair gave no rate signal. Key numbers: S&P 500 down 0.9% this week. Nasdaq down 2.4% this week. Why it matters: Falling chip stocks and the absence of a rate signal from the Fed chair weighed on the major indexes, leaving the S&P 500 and Nasdaq lower for the week.

The Dow rose while the Nasdaq slipped, with chip stocks dragging Wall Street toward a weekly loss. The Fed chair gave no rate signal.

Falling chip stocks and the absence of a rate signal from the Fed chair weighed on the major indexes, leaving the S&P 500 and Nasdaq lower for the week.