It was a Jekyll-and-Hyde kind of week in the market.
Wall Street’s enthusiasm for artificial intelligence stocks proved short-lived
A promising week early on gave way to sharp back-to-back selling after a run of disappointing tech earnings. The Nasdaq had climbed more than 2% through Wednesday before losing 1.4% on Thursday and nearly 3% on Friday. The tech-heavy index lost 2% for the week and sank 5.3% for October.
The S & P 500 followed a similar pattern, culminating in a nearly 2% decline Friday and a similar loss for the week. The broader market index fared better for the month, only losing nearly 1%. The rotation out of tech and into defensive stocks showed up the most in the Dow , which fell less than 1% for the week and actually gained 1.7% for the month.