23.10.202613:38:20UTC+00US Stocks Lower

US stocks declined on Friday, with the S&P 500 down 0.5%, the Nasdaq off 0.2%, and the Dow Jones dropping 580 points, deepening the previous session’s sharp sell-off. Risk-off sentiment persisted as elevated oil prices and growing concerns about a potential escalation of conflict in the Middle East drove investors toward safe-haven assets.

Industrials, communication services, and consumer discretionary shares led the market lower. Microsoft slipped 0.5%, Meta lost 1.9%, and American Express fell 1.7% despite posting earnings that beat expectations.

The recent rotation out of AI-related stocks continued, though at a slower pace, as chipmakers attempted a rebound and the broader technology sector hovered around the flatline. For the week, the S&P 500 was roughly unchanged, the Nasdaq Composite fell 0.5%, and the Dow Jones remained on track for a weekly gain of about 1.7%.