US stocks slumped into the long weekend, with the S&P 500 ending August with its biggest daily decline since the first trading day of the month.<\/p>\n
Even so, the drop of 0.6% barely pulled the benchmark US stock index into the red for the week. The Nasdaq 100 fared worse on Friday, falling 1.2%, while the Russell 2000 gave back 0.5%.<\/p>\n
Tech and consumer discretionary were the worst-performing S&P 500 sector ETFs, while the beaten-up defensive pockets of the market like healthcare and consumer staples caught a bid to end the week.<\/p>\n
Autodesk was one of the session\u2019s bright spots, up 9.1% after the maker of design software posted a beat-and-raise<\/a> earnings report after Thursday\u2019s close. Meanwhile, Dell led declines, falling 8.9% after the tech hardware company topped Q2 estimates<\/a> but issued soft guidance for Q3. Elsewhere…<\/p>\n Marvell Technology fell 18.6% after posting lower-than-expected data center results<\/a> and a weak Q3 forecast. Meanwhile, hyperscaler Oracle also fell 5.9% amid a broader pullback<\/a> for the AI trade, fueled in part by Marvell\u2019s weak outlook.<\/p>\n Nvidia shares fell 3.3% following a Wall Street Journal report that Alibaba was developing an AI chip<\/a> to be manufactured in China.<\/p>\n Super Micro Computer fell 5.5% after the AI server maker warned it still hasn\u2019t fully fixed<\/a> the accounting issues that nearly got it delisted from the Nasdaq back in February.<\/p>\n Alibaba rose 12.9% after the Chinese e-commerce giant missed Q1 earnings<\/a> and revenue expectations but beat estimates for its all-important cloud and AI segment.<\/p>\n Petco shares surged 23.5% as traders applauded the pet store chain\u2019s strong second-quarter results<\/a> and improved full-year EBITDA guidance, which were released after the bell on Thursday.<\/p>\n Affirm shares leapt 10.6% after the buy now, pay later giant posted a Q4 earnings beat and issued a stronger-than-expected forecast<\/a> for its key gross merchandise volume (GMV) metric.<\/p>\n Celsius shares jumped 5.3%, hitting a 52-week high, after Pepsi hiked its stake<\/a> in the energy drink maker to 11% in a $585 million deal. Pepsi shares rose 1.1% on the news.<\/p>\n Opendoor shares climbed 4.2% after CEO Shrisha Radhakrishna purchased 30,000 shares of company stock<\/a>.<\/p>\n Ulta Beauty shares were up as much as 3.7% in early trading before closing down 7.1%, even as the beauty juggernaut posted a strong Q2<\/a> and raised its full-year outlook.<\/p>\n Lucid shares slid 4.4%, hitting a record low, after Stifel slashed its price target by 30%<\/a> to $2.10 from $3. The luxury EV maker is also bracing for a 1-for-10 reverse stock split next week.<\/p>\n