Finance

Growing anxieties over the long-term profitability and heavy leverage of the artificial intelligence buildout fueled sharp pullbacks across major semiconductor and tech hardware firms. Highlighting the sector's broad weakness, Micron Technology slumped 5.6%, Intel shed 5.8%, and the iShares Semiconductor ETF marked its ninth consecutive daily decline, its longest losing streak in two decades.

Global energy markets experienced a sharp upward move late in the week, putting renewed pressure on broader equity sentiment due to fears of prolonged inflation. International benchmark Brent crude jumped 3.3% to settle at $109.29 a barrel as U.S. lawmakers initiated measures to block plans for importing Russian-produced diesel fuel.

The bond market continues to grapple with long-term macroeconomic crosscurrents, keeping benchmark interest rates near elevated multidecade peaks. While a well-received 10-year note auction provided a brief reprieve, the Merrill Lynch Option Volatility Estimate index reflects building anxiety over higher-for-longer fiscal paths and government borrowing totals.