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\n Tech stocks dragged the market lower on Friday and Wall Street wrapped up a wild summer on a relatively quiet note.\n <\/p>\n
\n The Dow fell 92 points, or 0.2%. The broader S&P 500 fell 0.64%. The tech-heavy Nasdaq Composite slid 1.15%.\n <\/p>\n
\n Despite the dip, the Dow, S&P and Nasdaq closed August with healthy gains of 3.2%, 1.91% and 1.58%, respectively.\n <\/p>\n
\n The Dow and S&P 500 have posted four months of gains in a row, which is their best streak in roughly one year. The Nasdaq posted five months of gains in a row, its best streak since early 2024.\n <\/p>\n
\n Stocks have rallied in recent months as trade tensions have settled, corporate earnings have come in better than expected and traders have ramped up bets that the Federal Reserve will cut interest rates in September.\n <\/p>\n
\n Yet slowing momentum in the artificial intelligence trade has weighed on markets. Dell (DELL<\/a>) and Marvell Technology (MRVL<\/a>), a semiconductor company, on Friday fell 8.9% and 18.6%, respectively, after reporting earnings that did not impress Wall Street.\n <\/p>\n \n Nvidia (NVDA<\/a>), the core of the AI trade, sank 3.36%. Nvidia posted its first losing month since March.\n <\/p>\n \n \u201cExpectations for tech are sky high,\u201d Jay Hatfield, chief executive at Infrastructure Capital Advisors, said. \u201cThe companies have done well, but not necessarily well enough to get them to move to the next level.\u201d\n <\/p>\n \n \u201cEarnings were strong, but AI-related growth outlooks showed deceleration,\u201d analysts at Citi said in a note. \u201cAll in, stocks have not broken but have clearly lost some momentum. To be fair, the breakneck pace of gains off April lows couldn\u2019t continue forever.\u201d\n <\/p>\n \n Wall Street on Friday also digested the latest batch of inflation data. Stock had opened lower as data showed the Personal Consumption Expenditures<\/a> index rose 2.6% year-over-year in July, in line with expectations.\n <\/p>\n \n The Federal Reserve\u2019s preferred inflation gauge \u2014 a core measure of PCE that strips out volatile food and energy prices \u2014 rose 2.9% year-over-year in July. It\u2019s the hottest annual pace since February but was also in line with expectations.\n <\/p>\n \n \u201cInflation is increasing ever so slightly, but right in line with forecasts,\u201d Chris Zaccarelli, chief investment officer at Northlight Asset Management, said in an email.\n <\/p>\n \n US stocks ended August on a subdued note, with relatively light trading volume ahead of the Labor Day weekend. But it\u2019s been another wild month for markets.\n <\/p>\n \n Traders have braced a barrage of headlines, from a weaker-than-expected jobs report<\/a>, to the implementation of President Donald Trump\u2019s widespread tariffs<\/a>, to his administration\u2019s attempts to oust Federal Reserve Governor Lisa Cook<\/a>.\n <\/p>\n \n And, through it all, stocks have continued to steadily rise, buoyed by hopes for Fed rate cuts, stronger-than-expected corporate earnings and slowing but stubborn confidence that an AI boom might reap big rewards for investors.\n <\/p>\n \n About 98% of the companies in the S&P 500 have reported second-quarter earnings, with 81% of those companies beating Wall Street\u2019s earnings expectations, according to FactSet data.\n <\/p>\n \n \u201cThe US stock market is at an all-time high, thanks in part to rapid earnings growth and expectations for that to continue,\u201d James Reilly, senior markets economist at Capital Economics, said in a note.\n <\/p>\n ![\"About](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2025\/08\/gettyimages-2229156550.jpg\")
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