The benchmark S&P 500 Information Technology Index is down 1.50% for the past week, as AI stocks were stuck in a blender that affected big names like Palantir (NASDAQ:PLTR), Nvidia (NASDAQ:NVDA), and Amazon (NASDAQ:AMZN).
The damage could have been worse if not for a Friday speech by Federal Reserve Chair Jerome Powell, in which he indicated that a Fed rate cut may be justified due to a gloomy jobs picture. That fueled an 800-point rise in the Dow Jones Index, leading into Friday’s trading.
