The FTSE 100 (^FTSE), European stocks and US indices were lower by Friday afternoon, on course for their worst week in months following a busy week of earnings reports and market updates.

Stocks are on track to close a bumpy week in the red, dragged down by persistent worries about an AI bubble as Big Tech valuations run high.

The S&P 500 and the Dow are headed for solid weekly losses. And after sharp slumps for “Magnificent Seven” stalwarts such as Nvidia (NVDA), the Nasdaq Composite is heading for a 2.8% loss for the week — its deepest since April and Trump’s tariff “Liberation Day”.

The VIX index, which measures market volatility, spiked — as did gold (GC=F). Investors tend to turn to precious metals as safe havens in times of uncertainty.

Elon Musk’s Tesla (TSLA) captured headlines as markets opened, after a new pay deal that could be worth up to $1tn was signed off by the company’s shareholders.

The deal was approved by 75% of voters at the EV maker’s AGM late on Thursday.

It is conditional on a dramatic increase in Tesla’s (TSLA) market value over the next decade. If certain targets are met, Musk will be rewarded with hundreds of millions of dollars in new shares.

Read more: Tesla shareholders approve Musk’s $1tn pay package

Musk had previously said he was uncomfortable leading Tesla (TSLA) without at least a 20% share of voting power, which the new package provides.

“I’d like to give a heartfelt thanks to everyone who supported the shareholder votes,” Musk said at the meeting. “I super appreciate it.”

Tesla’s (TSLA) stock price was 3.5% lower in early trade.

Prior to approval of the latest plan, Musk held a 13% stake in Tesla (TSLA) after various share sales over the past couple of years, but he hasn’t been “paid” in years, he said.

His 2018 pay package is embroiled in a lawsuit in Delaware, where shareholders alleged they didn’t have enough information to properly vet the compensation awarded by the board, and a trial judge agreed. The Delaware Supreme Court is weighing the merits of Tesla’s (TSLA) appeal.

  • London’s premier index dipped 0.6% by the end of the session. The biggest drags on the FTSE were housing platform Rightmove (RMV.L) and British Airways owner International Consolidated Airlines (IAG.L) group, which both reported results today. The FTSE is on course for a 0.5% loss this week

  • The DAX (^GDAXI) in Germany fell 0.8%. Week-on-week, the DAX is 1.8% lower

  • Over in Paris, the CAC 40 (^FCHI) dipped 0.4%, and was headed for a weekly loss of 2.1%

  • The pan-European STOXX 600 (^STOXX) declined 0.6%

  • The pound rose against the dollar (GBPUSD=X) again, gaining 0.3%

    • The tech-heavy Nasdaq Composite (^IXIC) led the losses, falling around 1.8%, following Thursday’s sharp losses for US gauges. The S&P 500 (^GSPC) slid 1%, while the Dow Jones Industrial Average (^DJI) lost around 0.6%