The Nasdaq Composite Index limped home Friday to finish its worst week since an April drop triggered by “Liberation Day” tariffs.
Driven by declines in Alphabet, Tesla and a variety of chip stocks, the tech-heavy benchmark retreated 0.2% Friday to close the week down 3%.
Souring investors’ mood was data showing sentiment among U.S. households was darkening, as many worry about the economic effects of the record-long government shutdown. Preliminary survey results from the University of Michigan suggested consumer sentiment has fallen toward record-low levels.
Stocks recovered from their lows on the day amid reports that Senate Democrats had made a new proposal to end the government shutdown. Nasdaq at its low was down 2% Friday. By day’s end, it was the only index of the three U.S. benchmarks to remain lower on the day.
In global markets, jitters around valuations for artificial intelligence-linked stocks were also evident, hitting companies like SoftBank and Samsung. Japan’s Nikkei 225 lost more than 4% for the week, its worst weekly showing since early April.
While Nasdaq was lower on the day, the Dow industrials and S&P 500 both rose slightly. Gold and oil futures also advanced.
Bitcoin prices recovered after dipping below $100,000. They finished the day 2.8% higher at $103,750.