Yahoo Finance reported that US stocks fell on Friday, with semiconductor shares extending a sell-off that pushed the PHLX Semiconductor Index down more than 3% and into a bear market. The Dow Jones Industrial Average fell 1%, while the S&P 500 and Nasdaq Composite also dropped as the tech-heavy rally from March lows lost momentum.
PHLX semiconductor sell-off deepens
3% was the move that sent the PHLX Semiconductor Index into bear-market territory on Friday, a level that marks a far steeper retreat than the broader market's decline. The Nasdaq Composite shed around 1.6% and the S&P 500 fell roughly 0.8%, showing that the selling pressure was concentrated in technology-linked shares rather than spread evenly across the market.
1% was the drop in the Dow Jones Industrial Average, which lagged the semiconductor slump but still ended lower as the market reassessed spending on artificial intelligence. That reassessment matters because the rally from March lows had been built around tech leadership; once that assumption weakened, the same names that had carried the advance started to pull the averages down.
Netflix falls after forecast
12% was how far Netflix stock fell in the first minutes of trading after its third quarter revenue forecast disappointed the Street. The move gave sellers another catalyst in a session already dominated by chip weakness, and it added pressure to a market that was already leaning away from tech and AI exposure.
4% was the drop in Japan's Nikkei 225 on Friday, extending the global feel of the sell-off and reinforcing that the pressure was not isolated to one US benchmark. For investors holding semiconductor shares or broad index funds, the immediate read is simple: the damage was led by chips, intensified by Netflix, and broad enough to pull the major US averages lower in the same session.
University of Michigan data next
March lows are now the reference point for a rally that stalled once investors began questioning how much companies would keep spending on artificial intelligence. A few smaller banks, including Truist Financial Corporation and Fifth Third Bancorp, rounded out the week's earnings docket, while the University of Michigan consumer sentiment data was expected to show how Americans were thinking about the economy and higher gas prices.
