The tech sector bore the brunt of the volatility, with chipmaker Micron’s upcoming earnings report and a bleak profit outlook from Cerebras Systems fueling market anxiety. This pressure, compounded by concerns over hyperscaler spending and a hawkish Federal Reserve, wiped more than $1 trillion in market capitalization from the Nasdaq 100 over the course of the week.
While energy markets reacted to the prospect of increased tanker traffic through the Strait of Hormuz, other pockets of the economy showed resilience. The consumer discretionary sector bucked the broader downward trend, bolstered by gains in travel stocks and homebuilders following the cancellation of a legislative signing by President Trump. Market participants remain focused on the upcoming Personal Consumption Expenditures Price Index, looking for definitive signals on the future trajectory of monetary policy.
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