Nasdaq closes lower, capping its worst week since April

The Nasdaq Composite closed lower Friday, pressured by more losses in artificial intelligence stocks, to post a losing week as new economic data added to investors’ fears of a slowdown.

The tech-heavy index shed 0.21% to finish at 23,004.54. In contrast, the S&P 500 and the Dow Jones Industrial Average inched into the green. 

The broad-based index gained 0.13% to close at 6,728.80, while the 30-stock index added 74.80 points, or 0.16%, to settle at 46,987.10. At their lows of the day, the Nasdaq had pulled back 2.1%, while the S&P 500 and Dow had fallen 1.3% and more than 400 points, or roughly 0.9%, respectively.

Stocks came off their lows after Senate Minority Leader Chuck Schumer, D-N.Y., offered up a new plan to Republicans that would enable the record-breaking U.S. government shutdown to end. Under the proposal, short-term funding would be provided for federal government operations in exchange for a one-year extension of enhanced Affordable Care Act tax credits.

In the midst of the stoppage, concerns among investors around the strength of the U.S. economy have grown. A survey from the University of Michigan revealed Friday that consumer sentiment has neared its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached their highest level for the month in 22 years.