S&P 500 Posts Biggest Weekly Drop Since June; Nasdaq 100 Falls 2.5% Friday

The pressure here is narrative-driven rather than purely macro: oil feeding inflation anxiety and cracks in the AI capex story landing on the same week. CoreWeave's sharp drop matters because it sits at the intersection of both themes — AI infrastructure demand financed with debt-like intensity — so its weakness signals doubt about the economics of the buildout, not just sentiment. The read-through is concentrated in chip and AI-adjacent names, which is why the Nasdaq 100's decline outpaced the broader index. Whether oil keeps feeding the inflation narrative, and whether AI-linked names stabilize independently of it, is the open question.