On Friday, the three major U.S. stock indices closed lower, with the tech sector leading the decline. Investors pulled out of stocks related to technology and artificial intelligence. At the same time, oil prices soared, with Brent crude reaching $110 per barrel for the first time since May.

The Dow Jones Industrial Average fell 175.28 points, a decrease of 0.34%, to 52,002.41; the S&P 500 Index fell 84.62 points, a decrease of 1.09%, to 7,659.44; the Nasdaq Composite Index fell 572.99 points, a decrease of 2.14%, to 26,140.03. This round of selling pushed the Chicago Board Options Exchange Volatility Index ( VIX ) above 22 for the first time in four months.

The S&P 500 index fell nearly 2% this week, while the Nasdaq tumbled by more than 4%, marking its worst weekly performance since June. In contrast, the Dow Jones index rose 0.7% this week.

Large tech stocks generally fell, with Apple closing up 0.43%. Meta fell more than 3%, while Google and Tesla dropped by over 2%. Amazon, NVIDIA, and Microsoft also lost more than 1%. The storage concept index tumbled 6.28%, and the Philadelphia Semiconductor Index fell 3.83%.

New cloud service provider CoreWeave has fallen nearly 12%, with a cumulative decline of 25% this week, due to market concerns about its heavily indebted balance sheet. The total debt of CoreWeave has risen to over $51 billion.

Ultra-small computers fell nearly 10%, Arm fell nearly 7%, Sandisk, Western Digital, SK Hynix fell more than 6%, Intel, Micron Technology, AMD fell more than 5%, Dell Technologies, Broadcom fell more than 4%, Qualcomm fell more than 3%, SpaceX fell more than 1%.

Due to the escalating tensions between the United States and Iran, as well as between Russia and Ukraine, oil prices have risen. As of the close of trading on that day, the price of light crude oil futures for delivery in November at the New York Mercantile Exchange increased by $3.44, closing at $101.41 per barrel, a gain of 3.51%; the price of London Brent crude oil futures for delivery in December increased by $3.94, closing at $109.86 per barrel, a gain of 3.72%.

Meanwhile, investors have been dealing with inflation data that is higher than expected, and the high energy prices following the US-Iran war have exacerbated inflation. This week, wholesale inflation recorded its largest increase since 2022, while consumer inflation remains far above the Federal Reserve's target of 2%.

Federal Reserve Chairman Kevin Warsh spoke at an International Monetary Fund event held in Bangkok overnight. Although he did not comment on whether the Fed would raise interest rates before the end of the year, traders viewed this as a signal that the central bank would maintain its policy unchanged later this month. CME Group FedWatch tools indicate that there is an 82% probability that the Fed will keep the overnight rate unchanged at its October 27-28 meeting.

Next week, Tesla, the streaming giant Netflix, and the social media giant Meta will announce their quarterly earnings.