A fresh burst of selling in chipmakers and artificial-intelligence names dragged U.S. equities into mixed territory Friday, sending the tech-heavy Nasdaq 100 lower while a value-oriented Dow Jones clung to gains near record highs.

Investors continued to question whether the industry’s massive AI spending can justify its lofty valuations.

West Texas Intermediate crude tumbled 4.7% to around $68.55 a barrel, leaving the U.S. benchmark down nearly 23% for the month. This marks the worst monthly performance since March 2020 as traders look past the Hormuz headlines toward signs OPEC is restoring Iraq’s pre-war production allocations.

The S&P 500 was roughly flat at 7,363, up about 0.1%, while the Dow Jones Industrial Average added around 61 points, also up 0.1% to near 51,982, supported by strength in software and other non-AI names. 

The Nasdaq 100 underperformed, falling 0.6% to about 29,253 as the AI trade wobbled. Gold added 1.3% to around $4,081 an ounce, clawing back some ground despite remaining down roughly 8% for the month.

Friday’s Performance In Major US Indices

Index	Last	% Change
S&P 500	7,363.43	+0.1%
Dow Jones	51,982	+0.1%
Nasdaq 100	29,253	-0.6%
Russell 2000	3,005.03	-0.1%

Updated by 12:25 PM ET

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) edged up 0.1%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) gained 0.1%.
• The Invesco QQQ Trust (NASDAQ:QQQ) slid 0.6%.
• The iShares Russell 2000 ETF (NYSE:IWM) dipped 0.1%.

Semiconductors Crater As Money Rotates Into Defensives

Technology was the clear laggard, with the chip rout deepening across the complex. The VanEck Semiconductor ETF (NASDAQ:SMH) sank 3.4%, the worst-performing industry fund on the screen.

By contrast, money rotated into software and defensives: the iShares Expanded Tech-Software Sector ETF (NYSE:IGV) jumped 3.2%, the VanEck Gold Miners ETF (NYSE:GDX) climbed 3.1% alongside firmer bullion, and the iShares Biotechnology ETF (NASDAQ:IBB) gained 2.6%.

The epicenter of the selling was ON Semiconductor Corp. (NASDAQ:ON), which cratered 21% after agreeing to acquire Synaptics Inc. (NASDAQ:SYNA) in an all-stock deal valued at roughly $7 billion.

The damage spread across chip and AI-hardware names, extending pressure that has built since Broadcom’s recent AI-revenue guidance disappointed. 

Optical and AI-networking suppliers Lumentum Holdings Inc. (NASDAQ:LITE) and Corning Inc. (NYSE:GLW) slid 8.4% and 7.8%, respectively, dragged lower in sympathy with the AI-infrastructure unwind.

Memory names also stayed under pressure, with Micron Technology Inc. (NASDAQ:MU) reversing part of Thursday’s earnings-driven surge as worries built that AI infrastructure spending could slow. Western Digital Corp. (NASDAQ:WDC) fell 10.3%.

Health care led the rebound, powered by Moderna Inc. (NASDAQ:MRNA), which surged 13.8% – the day’s biggest gainer – after its annual Science Day presentation detailed a broadening pipeline of mRNA therapies extending well beyond vaccines into oncology and rare diseases.

AST SpaceMobile Inc. (NASDAQ:ASTS) climbed 9.7% amid continued optimism around its Japan regulatory clearance and an upcoming satellite launch, with no single new headline confirmed for the session.

Friday’s Russell 1000 Top Gainers

Name	% change
Moderna Inc.	+13.8%
ManpowerGroup Inc. (NYSE:MAN)	+10.2%
AST SpaceMobile Inc.	+9.7%
FactSet Research Systems Inc. (NYSE:FDS)	+9.7%
Morningstar Inc. (NASDAQ:MORN)	+9.1%

Friday’s Russell 1000 Top Losers

Name	% change
ON Semiconductor Corp.	-21.0%
Western Digital Corp.	-10.3%
Entegris Inc. (NASDAQ:ENTG)	-10.2%
Lumentum Holdings Inc.	-8.4%
Corning Inc.	-7.8%

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