Chip giants drag down the S&P and Nasdaq, Intel warns of earnings, plunging over 10%, NVIDIA and AMD hit historical lows, crude oil surges over 6% in a week.

S&P 500 and Nasdaq ended their five-day winning streak, while Dow Jones turned positive during the day and hit new all-time highs, all posting three consecutive weeks of gains. The technology sector led the decline in the S&P 500, with chip stocks falling for the second consecutive week to a one-week low. Intel experienced its largest drop in over two years, while AMD fell nearly 2% and Nvidia fell nearly 1%. Alphabet-C and Meta continued to reach new closing highs. Tesla rebounded slightly, but its earnings report caused a cumulative drop of nearly 14% for the week. Netflix, on the other hand, saw an 18% increase in its earnings report for the week. Chinese stocks fell for the second consecutive week, but still posted a cumulative increase of nearly 4% for the week. Nio rose over 1%, while New Oriental EDU & Tech fell over 1% and had an 11% increase in its earnings report for the week. European stocks hit a two-year high, with a weekly increase of over 3%. LVMH saw a nearly 13% increase after its earnings report, and ASML had a 16% increase for the week. The two-year German bond yield dropped more than 10 basis points for the week. After the release of the US PCE data, the 10-year US Treasury yield rose and approached a five-week high. The US dollar index continued to fall from its six-week high, but has seen cumulative gains since the beginning of the year. Gold rose and then fell, posting a second consecutive week of decline. Offshore renminbi fell more than 100 basis points and dropped below 7.19, but saw its first weekly increase since the beginning of the year. Bitcoin rose more than $2,000 during the day, approaching $42,000 and hitting a one-week high. Crude oil reached a new high in nearly two months, with US oil posting its largest weekly gain in nearly four months and Brent oil posting its second largest weekly gain since the conflict in the Middle East. The FTSE 100 had its fifth consecutive week of gains, rising over 5% for the week. Copper fell from its four-week high, but still posted a weekly gain of over 2%.