Dow, S&P 500, Nasdaq Post Weekly Losses as Semiconductor Stocks Tumble
US stocks fell on Friday, July 17, 2026, with the Dow Jones Industrial Average dropping 0.7%, the S&P 500 declining 1%, and the Nasdaq Composite shedding 1.4%. The major indexes posted weekly losses, led by a sell-off in the semiconductor sector as the PHLX Semiconductor Index entered a bear market. The tech-driven rally from March lows has been challenged by massive corporate spending on artificial intelligence and new competition from Chinese AI startup Moonshot, which unveiled Kimi K3, a powerful open AI model. Netflix stock fell 7% after its third-quarter revenue forecast disappointed. Smaller banks like Truist Financial and Fifth Third Bancorp reported earnings, while the University of Michigan's preliminary consumer sentiment reading improved as gas prices eased.
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