S&P 500 Falls, Heads for Losing Week as Chipmakers and Netflix Plunge

The S&P 500 fell 0.6% on Friday, putting it on pace for a losing week as mounting concerns over AI spending and competition from Chinese open-source models dragged tech and semiconductors lower, with the VanEck Semiconductor ETF (SMH) down 9% for the week. Netflix shares plunged more than 8% after the company's forecast failed to ease investor concerns about slowing growth, while Apple surpassed Nvidia as the most valuable U.S. company by market cap.

Why it matters: Geopolitical risks persisted as U.S.-Iran war escalations pushed oil above $81/barrel (WTI) and $86/barrel (Brent), and Cleveland Fed's Hammack voiced inflation concerns, adding to uncertainty about the economic outlook.