Markets End the Week Lower as AI Stocks Slide and Gold Hits a Record
U.S. stocks ended the week lower as investors pulled back from mega-cap technology names after mixed results from Broadcom (AVGO) and Oracle (ORCL). The S&P 500 (SPX) fell 1.07%, the Nasdaq 100 (NDX) dropped 1.91%, and the Dow Jones Industrial Average (DJIA) lost 0.51%. The 10-year Treasury yield rose to 4.19%, while gold (XAUUSD) gained 1.87% to a record $4,333.30. Oil (CL) slipped 0.24% to $57.47 per barrel, and Bitcoin (BTC) traded near $90,348, almost unchanged for the week.
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Gold’s new high showed a move toward safety, while rising yields pointed to lingering caution about inflation and policy.
AI Stocks Pull Back after Broadcom and Oracle Reports
Technology stocks led the market decline this week. Shares of Broadcom fell 11% even after the company beat forecasts and said its AI chip sales will double next year. Investors focused instead on slimmer margins and signs of heavy spending. Oracle also fell by over 4% as concerns grew about its large data center buildout for OpenAI (PC:OPAIQ) and rising debt costs.
The sell-off quickly spread across the AI sector. Nvidia (NVDA) and Advanced Micro Devices (AMD) both fell more than 3%, while Arista Networks (ANET), Micron (MU), and Western Digital (WDC) each dropped between 5% and 7%. Vertiv (VRT) slid nearly 10%. A Goldman Sachs (GS) basket of AI data-center shares had its worst day since April, when new tariffs hit tech and semiconductor stocks.
At the same time, President Trump’s new executive order on AI drew attention. The order aims to establish a single national AI policy and prevent states from setting their own rules. Analysts said the move could help companies such as OpenAI, Google (GOOGL), Microsoft (MSFT), and Meta (META) by creating a clearer legal path for future projects.
Policy, Crypto, Cannabis and Disney
Away from technology, policy headlines also shaped market sentiment. Reports said President Trump may choose former Federal Reserve governor Kevin Warsh as his next Fed chair, replacing Jerome Powell. The President repeated that the Fed should work closely with the White House on rate decisions.
In crypto, several major firms received conditional approval to become national trust banks. Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos can now move closer to federal oversight, a step that could make stablecoins more mainstream.
Meanwhile, cannabis stocks jumped after reports that the White House plans to reclassify marijuana as a Schedule III drug. Tilray (TLRY) rose 44%, Canopy Growth (CGC) gained 54%, and SNDL (SNDL) climbed 25% as investors bet on easier banking and lower taxes for the industry.
Shares of Rivian (RIVN) rose 12% after the company introduced its new Autonomy+ package for $2,500 and announced a custom AI chip for future electric vehicles. The update followed its first Autonomy and AI Day event, where management outlined a roadmap toward Level 4 self-driving features.
Disney (DIS) also made headlines after “Zootopia 2” crossed the $1 billion mark in just 17 days, becoming the fastest-grossing animated film of all time. It is Disney’s second billion-dollar hit of the year, following the live-action “Lilo & Stitch.”
The Week Ahead
Investors now look ahead to fresh inflation and spending data, along with updates on manufacturing and retail activity. Markets remain sensitive to any signals from the Federal Reserve and the White House on policy and trade.
Despite a weaker close to the week, most analysts see healthy underlying growth and steady earnings trends heading into year-end. However, after this week’s sharp pullback in technology, investors may tread carefully until confidence in AI spending returns.
Upcoming Earnings and Dividend Announcements
The earnings calendar remains active this week, featuring a mix of technology, retail, and industrial names as investors prepare for the final stretch of December results.
On Monday, Abivax SA (ABVX) will report after the close. Analysts expect an EPS loss of $0.79 on revenue of $1.35 million, with sentiment supported by a Strong Buy consensus and a Smart Score of 10.
On Tuesday, Lennar (LEN) will post results after the close, offering insight into U.S. housing demand and mortgage trends.
On Wednesday, Micron $(MU), General Mills (GIS), and Jabil (JBL) will take center stage. Micron’s forecast calls for EPS of $3.93 and revenue of $12.82 billion, with a Strong Buy consensus. General Mills is expected to post EPS of $1.02 on $4.78 billion in sales, while Jabil’s projection sits at EPS of $2.70 and revenue of $8 billion, both backed by Strong Buy ratings.
On Thursday, a busy lineup features Nike (NKE), FedEx (FDX), Accenture (ACN), and Darden Restaurants (DRI) among others. Nike is projected to earn $0.38 per share on revenue of $12.21 billion, while FedEx is forecasted at $4.11 per share on $22.78 billion in sales. Accenture is expected to report EPS of $3.74 on $18.51 billion in revenue. Darden Restaurants’ report will also be closely watched, with estimates calling for EPS of $2.11 on $3.08 billion in revenue.
On Friday, Carnival $(CCL) and Paychex (PAYX) will round out the week. Carnival is forecasted to post EPS of $0.25 on $6.37 billion in sales, while Paychex is expected to deliver EPS of $1.23 on $1.55 billion in revenue.
Ex-Dividend Dates This Week
Dividend announcements will also stay active this week, with several large-cap and income-focused names set to trade ex-dividend in mid-December.
Starting off, Meta Platforms will pay $0.53 per share, while Walt Disney will return $0.75 next month. Merck & Company (MRK) will distribute $0.85 in 25 days, and Gilead Sciences (GILD) will pay $0.79 in 16 days. FedEx (FDX) will also deliver a $1.45 dividend in 23 days, supported by steady cash generation in its logistics business.
Ares Capital (ARCC) will return $0.48 per share, and Devon Energy (DVN) will pay $0.24, both in 16 days. Best Buy (BBY) joins the list with a $0.95 payout in 23 days, and STMicroelectronics (STM) will pay $0.08 in 9 days. Prologis (PLD) will distribute $1.01, and Brookfield Corporation (BN) will pay $0.06, each set for 17 days from now. Intercontinental Exchange (ICE) will pay $0.48, while American International Group (AIG) will pay $0.45, both later this month.
Meanwhile, VICI Properties (VICI) will return $0.45 in 25 days, and Universal Display (OLED) will pay $0.45 in 17 days. Permian Resources (PR) will pay $0.15, and Oxford Square Capital (OXSQ) will distribute $0.04, both in 17 days. Salesforce (CRM) is set to deliver $0.42 in 25 days, while Paramount Skydance (PSKY) will pay $0.05 in 19 days. Huntington Bancshares (HBAN) will return $0.15, Smith & Wesson Brands (SWBI) will pay $0.13, and UWM Holding (UWMC) will deliver $0.10, all due within the next 25 days.
Finally, Hewlett Packard Enterprise (HPE) will pay $0.14 next month, while Healthpeak Properties (DOC) will distribute $0.10 in 16 days. Paccar (PCAR) will deliver $1.40 in 24 days, and Embraer (EMBJ) will pay $0.12 in 16 days. Omnicom Group (OMC) will close out the list with a $0.80 payout in 26 days.