Markets experienced a volatile week, concluding with calmer trading on Friday. The S&P 500 edged up less than 0.1%, the Dow Jones Industrial Average gained 0.5%, while the Nasdaq composite declined 0.6%. For the full week, the Nasdaq composite fell 2.1%, the S&P 500 lost 0.6%, and the Dow Jones Industrial Average dropped 0.4%. This marked the first consecutive weekly losses for the S&P and Nasdaq since March.

Late in the week, sharp fluctuations occurred, including oil prices briefly surpassing $100 a barrel and a significant $890 billion reduction in the market value of major tech companies. Tesla shares plummeted 18% for the week, their worst performance since December 2022. Other tech giants like Amazon.com, Alphabet, and Meta Platforms saw declines exceeding 6%.

Analysts suggest that investor fatigue with the artificial intelligence narrative may be contributing to market malaise. SpaceX shares also saw a notable drop, falling 7.2% this week and over 40% from their post-IPO highs, erasing more than $1 trillion in market capitalization from the company's peak valuation.