FX.co ★ US Stocks Fall, Nasdaq Down 1.6%

U.S. stocks experienced a decline on Friday, primarily driven by a downturn in the technology sector, which affected markets worldwide. The Nasdaq 100 experienced a decline of up to 1.6%, significantly influenced by Broadcom's 10% drop following a less favorable AI chip sales forecast, despite surpassing Q4 earnings projections. Concurrently, the S&P 500 decreased by 0.6% from its previous record high, and the Dow Jones saw a 0.3% fall after reaching an intraday peak. The retreat in tech stocks highlights investor concerns about profit margins and caution surrounding AI-related equities, even while recent Federal Reserve interest rate cuts continue to bolster overall market sentiment. Additionally, the President of the Cleveland Fed indicated support for slightly higher interest rates to address inflation concerns. On another note, Lululemon's stock surged by 10% after the company upgraded its full-year forecast and announced that its CEO will be stepping down in January. Throughout this week, the S&P 500 has declined by 0.2%, the Dow has risen nearly 2%, and the Nasdaq has decreased by 1%.