QQQ Falls 2.50% as Technology ETF Drops; Energy Gains
On Oct. 16 SPY fell 1.11% and QQQ dropped 2.50% as XLK lost 3.02%; energy, utilities and staples ETFs rose, and PLTR led large-cap decliners.
U.S. stocks closed lower on Friday, Oct. 16, with the steepest losses in technology. QQQ fell 2.50% to 709.80, SPY declined 1.11% to 763.25, the small-cap IWM lost 1.69% to 270.44 and DIA slipped 0.40% to 519.10.
The Technology Select Sector SPDR (XLK) dropped 3.02% to 183.47, the weakest of the eleven sector ETFs, followed by communication services (XLC, -1.89%), consumer discretionary (XLY, -0.84%), health care (XLV, -0.27%) and industrials (XLI, -0.08%). Six sectors advanced: energy (XLE) rose 2.52% to 68.24, utilities (XLU) gained 1.34%, consumer staples (XLP) added 1.08%, materials (XLB) rose 0.71%, financials (XLF) 0.45% and real estate (XLRE) 0.40%.
Technology names led large-cap decliners among companies valued at $10 billion or more. PLTR fell 7.22% to 186.03, AMD dropped 5.96% to 528.75, ORCL lost 4.64% to 128.23, AVGO fell 4.53% to 328.75 and NOW declined 4.44% to 141.97.
RTX led the gainers, rising 3.73% to 193.92. PM gained 2.65% to 205.20, CVX added 2.58% to 224.99, XOM rose 2.46% to 178.98 and PEP climbed 2.42% to 131.49.
A WSJ headline attributed the decline to credit concerns: "U.S. Stocks Fall as Credit Fears Haunt Tech Sector." Another WSJ headline said new cracks in the AI trade pushed Wall Street to its worst week since June, and Barron's reported that chip equipment stocks notched historic losing streaks as AI spending fears took a toll.
Data
| Instrument | Close | Change |
|---|---|---|
| SPY | 763.25 | -1.11% |
| QQQ | 709.80 | -2.50% |
| DIA | 519.10 | -0.40% |
| IWM | 270.44 | -1.69% |
| XLK | 183.47 | -3.02% |
| XLE | 68.24 | +2.52% |
| PLTR | 186.03 | -7.22% |
| RTX | 193.92 | +3.73% |
Data: FMP, FRED. Figures are close-to-close unless stated.
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Neutral market summary for information only; not investment advice.
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