AI Stocks Continue Decline, Nasdaq 100 Set for Worst Week Since April: Market Movers on Friday

Market Performance: Wall Street experienced a risk-off sentiment, with the Nasdaq 100 dropping 1.9% and the S&P 500 falling 1.2%, marking their worst week since April due to heightened investor anxiety over the economy and labor market.

Consumer Sentiment Decline: The University of Michigan's consumer sentiment index fell to its lowest level since June 2022, with the subindex for current economic conditions hitting a record low since the survey began in 1951.

Technology and Semiconductor Stocks: AI-related stocks like Nvidia and Palantir saw significant declines, contributing to a 7.4% drop in semiconductor stocks for the week, while defensive sectors like consumer staples gained.

Volatility and Commodities: The CBOE Volatility Index surged 15%, indicating increased market fear, while gold prices rebounded to $4,000 per ounce amid economic concerns, and Bitcoin slipped to $101,000, facing its worst week since early March.