Dow drops 400 points as weak consumer sentiment and tech declines hurt stocks

Stocks moved lower Friday, pressured by more losses in technology stocks, and were on pace for a losing week as new economic data added to investors’ economic fears.

The S&P 500 lost 1.2%, while the Nasdaq Composite shed 2%. The Dow Jones Industrial Average dropped 416 points, or 0.9%.

Nvidia shares were down 4%, putting their weekly losses at 11%. Fellow leading artificial intelligence player Oracle also fell 4% and was on track for 11% decline on the week as well. Palantir Technologies, down 15% on the week, and Broadcom, off by 8% this week, were also lower.

Key AI leaders lost steam on Thursday, with Nvidia, Advanced Micro Devices, Tesla and Microsoft posting significant declines that weighed on the broader market. Major U.S. stock averages closed lower across the board, with the tech-heavy Nasdaq Composite notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.